QRG Capital Management Inc. Has $3.14 Million Stock Holdings in DraftKings Inc. $DKNG

QRG Capital Management Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 73,151 shares of the company’s stock after acquiring an additional 1,539 shares during the period. QRG Capital Management Inc.’s holdings in DraftKings were worth $3,137,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DKNG. Brooklyn Investment Group boosted its holdings in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after purchasing an additional 270 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares in the last quarter. Farther Finance Advisors LLC grew its position in DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after acquiring an additional 286 shares during the period. Obermeyer Wealth Partners raised its stake in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after acquiring an additional 297 shares in the last quarter. Finally, Stevens Capital Management LP lifted its holdings in shares of DraftKings by 3.7% during the first quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock valued at $299,000 after acquiring an additional 319 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 1.1%

NASDAQ:DKNG opened at $34.98 on Tuesday. The stock’s fifty day moving average price is $44.06 and its two-hundred day moving average price is $39.78. The company has a market cap of $17.37 billion, a price-to-earnings ratio of -53.82, a P/E/G ratio of 0.93 and a beta of 1.99. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last released its 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 during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm’s quarterly revenue was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The sale 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 DraftKings stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the sale, the insider directly owned 500,000 shares of the company’s stock, valued at $22,300,000. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 658,331 shares of company stock worth $29,285,365. Insiders own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DKNG. Oppenheimer lowered their target price on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. began coverage on DraftKings in a research report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price target on the stock. BTIG Research cut their price objective on DraftKings from $53.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday. Finally, UBS Group reduced their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Twenty-six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $53.79.

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.