State of New Jersey Common Pension Fund D Has $6.46 Million Holdings in DraftKings Inc. $DKNG

State of New Jersey Common Pension Fund D boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 0.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 150,713 shares of the company’s stock after purchasing an additional 917 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in DraftKings were worth $6,464,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at $27,000. Bank of Jackson Hole Trust bought a new stake in DraftKings during the 1st quarter worth about $31,000. TD Private Client Wealth LLC grew its holdings in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the period. Summit Securities Group LLC grew its stake in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of DraftKings during the second quarter worth $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Down 4.9%

NASDAQ DKNG opened at $33.00 on Monday. The company has a market cap of $16.38 billion, a PE ratio of -50.77, a PEG ratio of 0.82 and a beta of 1.99. 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 Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The stock has a 50 day moving average of $41.22 and a 200-day moving average of $39.71.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the business posted $0.12 EPS. DraftKings’s revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DKNG shares. Oppenheimer decreased their target price on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the company a “hold” rating in a report on Friday, August 8th. Citigroup restated a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. JMP Securities decreased their price target on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. Finally, Mizuho decreased their price target on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a report on Tuesday, October 7th. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the sale, the director owned 1,461 shares of the company’s stock, valued at $63,129.81. This trade represents a 76.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction 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 sale, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 605,554 shares of company stock worth $26,515,100. 47.08% of the stock is currently owned by corporate insiders.

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.