DraftKings Inc. $DKNG Shares Sold by 1248 Management LLC

1248 Management LLC lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,794 shares of the company’s stock after selling 2,091 shares during the quarter. 1248 Management LLC’s holdings in DraftKings were worth $458,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in DKNG. The Manufacturers Life Insurance Company lifted its position in shares of DraftKings by 2.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 26,236 shares of the company’s stock worth $976,000 after purchasing an additional 576 shares in the last quarter. Baird Financial Group Inc. acquired a new stake in shares of DraftKings during the fourth quarter worth about $424,000. Graham Capital Management L.P. acquired a new stake in shares of DraftKings during the fourth quarter worth about $736,000. OMERS ADMINISTRATION Corp lifted its position in shares of DraftKings by 21.1% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 17,735 shares of the company’s stock worth $660,000 after purchasing an additional 3,088 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV raised its holdings in DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after acquiring an additional 217 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DKNG. Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. JMP Securities reduced their target price on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Thursday, June 5th. JPMorgan Chase & Co. began coverage on shares of DraftKings in a report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 target price on the stock. Citigroup reaffirmed a “buy” rating on shares of DraftKings in a report on Friday, July 11th. Finally, Sanford C. Bernstein began coverage on shares of DraftKings in a report on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 target price on the stock. Twenty-four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.12.

Insider Buying and Selling

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 816,662 shares of company stock valued at $35,460,274 over the last three months. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Performance

Shares of DraftKings stock opened at $45.87 on Friday. The firm has a market capitalization of $22.77 billion, a P/E ratio of -70.57, a P/E/G ratio of 1.08 and a beta of 1.73. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The firm’s 50 day moving average is $44.97 and its two-hundred day moving average is $39.68.

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

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.