Atria Investments Inc Raises Stock Position in DraftKings Inc. $DKNG

Atria Investments Inc boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 24.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,482 shares of the company’s stock after purchasing an additional 3,976 shares during the period. Atria Investments Inc’s holdings in DraftKings were worth $878,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in shares of DraftKings during the 1st quarter worth $2,130,000. Bank of New York Mellon Corp raised its holdings in DraftKings by 27.0% in the first quarter. Bank of New York Mellon Corp now owns 1,472,974 shares of the company’s stock worth $48,917,000 after purchasing an additional 313,128 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of DraftKings by 30.0% during the first quarter. Envestnet Asset Management Inc. now owns 457,521 shares of the company’s stock valued at $15,194,000 after buying an additional 105,480 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after buying an additional 968 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in shares of DraftKings by 25.1% in the 1st quarter. Stratos Wealth Partners LTD. now owns 8,836 shares of the company’s stock worth $293,000 after buying an additional 1,773 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was 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 of the company’s stock, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the transaction, the insider directly owned 512,181 shares in the company, valued at $24,262,013.97. This represents a 17.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 552,777 shares of company stock worth $23,337,924 over the last ninety days. 51.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JMP Securities lowered their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. Susquehanna lowered their target price on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a research note on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Finally, Jefferies Financial Group set a $52.00 price objective on shares of DraftKings in a report on Monday, October 6th. Twenty-six analysts have rated the stock with a Buy rating, two have given 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 target price of $51.83.

DraftKings Stock Performance

NASDAQ:DKNG opened at $30.40 on Friday. The company has a market cap of $15.09 billion, a P/E ratio of -53.33, a P/E/G ratio of 0.95 and a beta of 1.86. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61. The company’s 50-day moving average price is $37.88 and its 200-day moving average price is $39.40. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted ($0.60) earnings per share. DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share 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.