Spartan Wealth Advisory Services LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 22,507 shares of the company’s stock, valued at approximately $487,000.
Other hedge funds have also recently bought and sold shares of the company. Dagco Inc. bought a new position in shares of DraftKings during the 4th quarter worth about $26,000. Ascentis Independent Advisors bought a new stake in shares of DraftKings in the first quarter valued at about $27,000. Montag A & Associates Inc. lifted its stake in shares of DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 500 shares during the period. Aventura Private Wealth LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $39,000. Finally, SHP Wealth Management acquired a new stake in DraftKings during the fourth quarter worth about $42,000. 37.70% of the stock is owned by institutional investors.
Insider Buying and Selling at DraftKings
In other DraftKings news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.
Key Headlines Impacting DraftKings
- Positive Sentiment: JPMorgan Chase raised its price target on DraftKings to $34, signaling continued analyst confidence in the stock’s upside potential. DraftKings (NASDAQ:DKNG) Given New $34.00 Price Target at JPMorgan Chase & Co.
- Positive Sentiment: One bullish commentary highlighted that DraftKings’ recent selloff appears out of step with its improving profitability, pointing to a 64% increase in adjusted EBITDA as evidence the business is still executing well. DraftKings: A 40 Percent Selloff Runs Contrary To The 64 Percent Adjusted EBITDA Increase
- Neutral Sentiment: A broader casino-stocks roundup kept DraftKings on investors’ radar, but did not add a major new catalyst specific to the company. Casino Stocks To Keep An Eye On – July 14th
- Neutral Sentiment: DraftKings also announced legal action against Philadelphia after receiving a subpoena, seeking to halt an enforcement probe tied to consumer law issues. While the move may protect the company, it also underscores ongoing regulatory risk. DraftKings sues Philadelphia to end enforcement probe following subpoena, block consumer law
- Negative Sentiment: Short-seller The Bear Cave renewed its bearish case, arguing prediction markets could pull users away from DraftKings’ sportsbook business and that this competitive threat is not fully reflected in the stock price. Bear Cave Renews DraftKings Bear Case on Prediction Market Momentum
- Negative Sentiment: DraftKings was also covered in reports noting it fell more than the broader market in the latest session, reflecting continued investor caution around the name. Here's Why DraftKings (DKNG) Fell More Than Broader Market
DraftKings Stock Performance
NASDAQ DKNG opened at $24.94 on Monday. The firm has a market cap of $12.37 billion, a price-to-earnings ratio of 415.67 and a beta of 1.65. The company has a 50 day moving average of $25.81 and a 200-day moving average of $26.09. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78.
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business’s revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) EPS. On average, equities analysts forecast that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
DKNG has been the topic of several research reports. New Street Research set a $29.00 price target on DraftKings in a research note on Monday, June 1st. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research report on Monday, June 22nd. Citizens Jmp lifted their price objective on DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a report on Thursday, June 25th. Mizuho boosted their price objective on DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Finally, Needham & Company LLC restated a “buy” rating and issued a $35.00 target price on shares of DraftKings in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $34.56.
Read Our Latest Stock Analysis on DKNG
DraftKings Profile
DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.
Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.
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