Bayforest Capital Ltd Sells 1,695 Shares of DraftKings Inc. $DKNG

Bayforest Capital Ltd trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,027 shares of the company’s stock after selling 1,695 shares during the quarter. Bayforest Capital Ltd’s holdings in DraftKings were worth $1,031,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DKNG. Farther Finance Advisors LLC increased its holdings in DraftKings by 26.1% during the first quarter. Farther Finance Advisors LLC now owns 3,127 shares of the company’s stock valued at $104,000 after buying an additional 647 shares during the last quarter. GAMMA Investing LLC increased its holdings in DraftKings by 57.1% during the first quarter. GAMMA Investing LLC now owns 1,474 shares of the company’s stock valued at $49,000 after buying an additional 536 shares during the last quarter. CX Institutional purchased a new position in shares of DraftKings during the 1st quarter valued at about $98,000. NorthCrest Asset Manangement LLC purchased a new position in shares of DraftKings during the 1st quarter valued at about $304,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of DraftKings by 272.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 116,888 shares of the company’s stock valued at $3,882,000 after buying an additional 85,529 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 500,000 shares of the company’s stock, valued at approximately $22,300,000. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the transaction, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. This represents a 76.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 658,331 shares of company stock worth $29,285,365. Company insiders own 47.08% of the company’s stock.

DraftKings Stock Up 2.7%

Shares of DKNG opened at $33.58 on Tuesday. The stock has a market capitalization of $16.67 billion, a price-to-earnings ratio of -51.66, a price-to-earnings-growth ratio of 0.70 and a beta of 1.99. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The business’s 50 day simple moving average is $42.97 and its 200-day simple moving average is $39.63. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DKNG shares. Stifel Nicolaus lowered their price target on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. JMP Securities decreased their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. Berenberg Bank set a $43.00 price objective on shares of DraftKings and gave the company a “buy” rating in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Finally, Susquehanna restated a “positive” rating and set a $64.00 price objective on shares of DraftKings in a research report on Friday, August 8th. Twenty-seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.17.

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.