6,550 Shares in DraftKings Inc. $DKNG Acquired by Patten & Patten Inc. TN

Patten & Patten Inc. TN bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 6,550 shares of the company’s stock, valued at approximately $281,000.

A number of other hedge funds also recently bought and sold shares of DKNG. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the 1st quarter worth approximately $27,000. Bank of Jackson Hole Trust bought a new stake in DraftKings in the 1st quarter worth approximately $31,000. TD Private Client Wealth LLC lifted its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after buying an additional 282 shares during the last quarter. Summit Securities Group LLC lifted its position in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after buying an additional 810 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in DraftKings in the 2nd quarter worth approximately $48,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Jefferies Financial Group set a $52.00 price objective on DraftKings in a research report on Monday, October 6th. Berenberg Bank set a $43.00 price objective on DraftKings and gave the company a “buy” rating in a research report on Thursday, October 9th. Truist Financial boosted their price objective on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price objective for the company. Finally, Susquehanna lowered their price objective on DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a research report on Tuesday. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity

In other news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the transaction, the insider directly owned 500,000 shares in the company, valued at $22,300,000. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 552,777 shares of company stock valued at $24,690,599. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

DKNG opened at $35.19 on Friday. 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 Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The stock has a market capitalization of $17.47 billion, a PE ratio of -54.14, a price-to-earnings-growth ratio of 0.89 and a beta of 1.99. The stock’s 50 day moving average price is $42.36 and its 200-day moving average price is $39.58.

DraftKings (NASDAQ:DKNG) last posted 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 return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the firm earned $0.12 earnings per share. The business’s revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

About DraftKings

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.