DraftKings Inc. $DKNG Shares Acquired by Whetstone Capital Advisors LLC

Whetstone Capital Advisors LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 26.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 158,864 shares of the company’s stock after acquiring an additional 32,791 shares during the period. DraftKings makes up approximately 2.3% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 16th biggest holding. Whetstone Capital Advisors LLC’s holdings in DraftKings were worth $5,276,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG purchased a new position in DraftKings during the fourth quarter worth about $25,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings in the 1st quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC acquired a new position in DraftKings during the 1st quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the 4th quarter valued at approximately $28,000. Finally, GPS Wealth Strategies Group LLC raised its stake in DraftKings by 197.9% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after acquiring an additional 564 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at $22,300,000. This represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 5,725 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $43.53, for a total transaction of $249,209.25. Following the transaction, the chief financial officer owned 172,824 shares of the company’s stock, valued at approximately $7,523,028.72. The trade was a 3.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 645,938 shares of company stock worth $26,823,776. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 1.4%

Shares of DraftKings stock opened at $45.65 on Thursday. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $40.60 billion, a PE ratio of -70.23, a price-to-earnings-growth ratio of 1.07 and a beta of 1.70. The firm’s 50 day moving average is $42.89 and its 200 day moving average is $39.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the company earned $0.12 EPS. DraftKings’s quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of DraftKings in a research report on Friday, May 9th. JPMorgan Chase & Co. initiated coverage on shares of DraftKings in a research note on Monday, June 23rd. They issued an “overweight” rating and a $50.00 target price on the stock. Stifel Nicolaus decreased their price objective on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Barclays reissued an “overweight” rating and set a $54.00 price target (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Finally, Susquehanna reiterated a “positive” rating and issued a $64.00 target price on shares of DraftKings in a report on Friday, August 8th. Twenty-five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.50.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.