42,697 DraftKings Inc. $DKNG Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 57.2% during the third quarter, Holdings Channel reports. The institutional investor owned 31,991 shares of the company’s stock after selling 42,697 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in DraftKings were worth $608,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Spruce House Investment Management LLC raised its holdings in DraftKings by 129.6% in the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after acquiring an additional 5,446,166 shares in the last quarter. Janus Henderson Group PLC grew its holdings in DraftKings by 9.3% during the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock worth $588,288,000 after acquiring an additional 2,351,790 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of DraftKings in the 2nd quarter valued at approximately $24,014,000. Renaissance Technologies LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $17,660,000. Finally, Quantinno Capital Management LP increased its position in shares of DraftKings by 273.9% in the 1st quarter. Quantinno Capital Management LP now owns 898,241 shares of the company’s stock valued at $19,420,000 after purchasing an additional 658,006 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In related news, Director Jocelyn Moore sold 10,759 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the transaction, the director directly owned 1,881 shares of the company’s stock, valued at $45,238.05. This trade represents a 85.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of a number of analyst reports. Stifel Nicolaus reduced their price objective on shares of DraftKings from $36.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, October 26th. TD Cowen boosted their target price on shares of DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 13th. Wall Street Zen cut DraftKings from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Wells Fargo & Company raised their price target on DraftKings from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $32.79.

DraftKings Price Performance

Shares of DraftKings stock opened at $23.11 on Thursday. DraftKings Inc. has a 52 week low of $18.35 and a 52 week high of $36.98. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22. The firm’s 50 day moving average is $21.65 and its two-hundred day moving average is $24.17.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, August 7th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the company earned $0.30 earnings per share. On average, analysts predict that DraftKings Inc. will post 0.31 earnings per share for the current fiscal year.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Ahead of Q3 results, analysts pointed to momentum in DraftKings’ sportsbook, iGaming and Predictions businesses as potential growth drivers. DKNG Gears Up for Q3 Earnings: Sportsbook Growth & Costs in Focus
• Neutral Sentiment: Analyst views offered some support but also signaled caution: Bernstein cut its price target to $27 from $29 while retaining an “outperform” rating, while Needham’s $30 target was presented as evidence the selloff may have gone too far. Bernstein analyst update Needham’s $30 Target Says DraftKings’ Selloff Went Too Far
• Negative Sentiment: Marketing and other investments could weigh on Q3 profitability even as revenue drivers grow. Investors are also watching DraftKings’ costly push into prediction markets, where competition is increasing and regulations remain unsettled—risks that could limit returns or raise costs. DraftKings Faces Increasing Competition in Prediction Markets One Big Reason Investors Should Keep an Eye on DraftKings

DraftKings Company Profile

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.