DraftKings Inc. $DKNG Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 3.9% during the second quarter, Holdings Channel.com reports. The firm owned 5,189,491 shares of the company’s stock after selling 210,577 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in DraftKings were worth $222,577,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. GLOBALT Investments LLC GA raised its holdings in shares of DraftKings by 44.0% in the 2nd quarter. GLOBALT Investments LLC GA now owns 20,113 shares of the company’s stock valued at $863,000 after purchasing an additional 6,142 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of DraftKings by 2.0% in the 2nd quarter. Asset Management One Co. Ltd. now owns 167,079 shares of the company’s stock valued at $7,166,000 after purchasing an additional 3,208 shares in the last quarter. Roman Butler Fullerton & Co. raised its holdings in shares of DraftKings by 7.2% in the 2nd quarter. Roman Butler Fullerton & Co. now owns 31,346 shares of the company’s stock valued at $1,406,000 after purchasing an additional 2,111 shares in the last quarter. Paralel Advisors LLC acquired a new stake in shares of DraftKings in the 2nd quarter valued at $25,734,000. Finally, Parcion Private Wealth LLC raised its holdings in shares of DraftKings by 11.8% in the 2nd quarter. Parcion Private Wealth LLC now owns 13,786 shares of the company’s stock valued at $591,000 after purchasing an additional 1,459 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on DKNG shares. Northland Capmk lowered shares of DraftKings from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, October 1st. Morgan Stanley reiterated an “overweight” rating and set a $52.00 price target (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Barclays restated an “overweight” rating and issued a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Jefferies Financial Group set a $52.00 price objective on DraftKings in a report on Monday, October 6th. Finally, Berenberg Bank set a $43.00 price objective on DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $52.83.

DraftKings Trading Down 4.9%

Shares of DraftKings stock opened at $33.00 on Friday. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $16.38 billion, a P/E ratio of -50.77, a PEG ratio of 0.87 and a beta of 1.99. The company’s fifty day moving average is $41.22 and its two-hundred day moving average is $39.63.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period last year, the firm posted $0.12 EPS. DraftKings’s revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated 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 sale, the insider owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction dated 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 sale, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 605,554 shares of company stock valued at $26,515,100. Corporate insiders own 51.19% of the company’s stock.

DraftKings Company Profile

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.