Independence Bank of Kentucky Has $123,000 Position in DraftKings Inc. $DKNG

Independence Bank of Kentucky lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 83.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,699 shares of the company’s stock after selling 28,100 shares during the period. Independence Bank of Kentucky’s holdings in DraftKings were worth $123,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the period. Janus Henderson Group PLC lifted its position in DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares during the period. Viking Global Investors LP lifted its position in DraftKings by 27.4% during the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock worth $658,872,000 after purchasing an additional 4,116,561 shares during the period. Capital World Investors grew its stake in DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after buying an additional 12,008,357 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after buying an additional 4,788,337 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DKNG. UBS Group upped their price target on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Susquehanna cut their target price on DraftKings from $32.00 to $31.00 and set a “positive” rating for the company in a research note on Wednesday, July 1st. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a report on Monday, June 22nd. JPMorgan Chase & Co. decreased their price target on DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. Finally, Barclays upped their price objective on DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.46.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: TD Cowen raised its price target on DraftKings to $35 from $30 and reiterated a Buy rating, signaling confidence in roughly 32% upside from current levels. Article Title
• Positive Sentiment: DraftKings announced it will launch its online sportsbook and casino in Alberta on July 13, expanding its North American footprint into its second Canadian province and 34th jurisdiction overall. Article Title
• Positive Sentiment: Michael Burry disclosed a stake in DraftKings, saying he bought shares around $26 and betting that competition from prediction markets will face tighter regulation over time, which helped fuel interest in beaten-down sportsbook stocks. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with a consensus price target near $34.30 and the majority of ratings still at Buy, suggesting Wall Street sees meaningful upside if sentiment improves. Article Title
• Neutral Sentiment: Recent commentary highlighted conflicting analyst views and technical pressure, reflecting ongoing uncertainty about whether DKNG can stabilize after a sharp multi-month pullback. Article Title
• Negative Sentiment: A recent Yahoo Finance article warned of “3 Reasons to Sell DKNG”, reinforcing bearish sentiment after a difficult six months for the stock. Article Title
• Negative Sentiment: Another report noted DraftKings declined even as the broader market rose, underscoring investor concern that the stock remains vulnerable to sector competition and momentum weakness. Article Title

DraftKings Stock Performance

NASDAQ:DKNG opened at $26.48 on Monday. The stock’s 50-day moving average is $25.72 and its 200-day moving average is $26.42. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The stock has a market cap of $13.14 billion, a P/E ratio of 441.33 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business earned ($0.07) EPS. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. Equities research analysts anticipate that DraftKings Inc. will post 0.59 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the transaction, the insider owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $880,156.14. Following the transaction, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,596 shares of company stock valued at $2,756,991 in the last ninety days. Insiders own 47.18% of the company’s stock.

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.