Anthracite Investment Company Inc. Cuts Stock Holdings in DraftKings Inc. $DKNG

Anthracite Investment Company Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 17.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,000 shares of the company’s stock after selling 20,900 shares during the quarter. DraftKings makes up approximately 2.1% of Anthracite Investment Company Inc.’s portfolio, making the stock its 20th largest holding. Anthracite Investment Company Inc.’s holdings in DraftKings were worth $4,203,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of DKNG. AQR Capital Management LLC grew its position in shares of DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after purchasing an additional 4,486,488 shares during the last quarter. Eminence Capital LP grew its position in shares of DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after purchasing an additional 3,423,909 shares during the last quarter. Nuveen LLC acquired a new stake in shares of DraftKings in the first quarter valued at approximately $107,739,000. AGF Management Ltd. acquired a new stake in shares of DraftKings in the first quarter valued at approximately $83,622,000. Finally, Baillie Gifford & Co. grew its position in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after purchasing an additional 1,756,778 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 4,861 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the transaction, the director owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 105,554 shares of the firm’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $22,300,000. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 605,554 shares of company stock valued at $26,515,100 over the last 90 days. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Performance

NASDAQ:DKNG opened at $33.00 on Friday. 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 company has a market cap of $16.38 billion, a P/E ratio of -50.77, a P/E/G ratio of 0.82 and a beta of 1.99. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61. The firm’s 50 day moving average is $41.22 and its two-hundred day moving average is $39.68.

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

Analyst Upgrades and Downgrades

DKNG has been the topic of several research reports. Stifel Nicolaus lowered their price target on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Barclays restated an “overweight” rating and set a $54.00 target price (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. JMP Securities decreased their target price on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Finally, Benchmark restated a “buy” rating on shares of DraftKings in a research report on Wednesday. Twenty-seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $52.83.

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.