Eminence Capital LP Has $204.05 Million Stake in DraftKings Inc. $DKNG

Eminence Capital LP lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 8.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 4,757,450 shares of the company’s stock after selling 420,633 shares during the quarter. DraftKings makes up approximately 2.5% of Eminence Capital LP’s portfolio, making the stock its 12th largest holding. Eminence Capital LP’s holdings in DraftKings were worth $204,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. TD Private Client Wealth LLC raised its stake in shares of 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 acquiring an additional 282 shares in the last quarter. Summit Securities Group LLC boosted its position in 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. Atlantic Union Bankshares Corp acquired a new position in DraftKings during the second quarter valued at approximately $45,000. Ameritas Advisory Services LLC bought a new position in shares of DraftKings in the second quarter valued at approximately $48,000. Finally, 1 North Wealth Services LLC bought a new position in shares of DraftKings in the first quarter valued at approximately $49,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, Director Gregory Westin Wendt acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were bought at an average price of $30.27 per share, with a total value of $302,700.00. Following the acquisition, the director owned 10,000 shares of the company’s stock, valued at $302,700. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry Sloan acquired 25,000 shares of the stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average price of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the transaction, the director owned 249,712 shares of the company’s stock, valued at $7,566,273.60. This trade represents a 11.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 166,752 shares of company stock worth $5,387,153 over the last 90 days. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on DKNG. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of DraftKings in a report on Wednesday, November 19th. JPMorgan Chase & Co. cut their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Susquehanna lowered their price target on DraftKings from $59.00 to $48.00 and set a “positive” rating on the stock in a research report on Monday, November 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $46.00 price objective (down from $50.00) on shares of DraftKings in a research note on Monday, November 10th. Finally, Mizuho cut their price objective on DraftKings from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, November 13th. Twenty-five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.48.

DraftKings Stock Performance

NASDAQ DKNG opened at $35.52 on Friday. The company’s fifty day moving average is $32.33 and its two-hundred day moving average is $38.88. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The firm has a market capitalization of $17.68 billion, a price-to-earnings ratio of -62.32, a P/E/G ratio of 2.89 and a beta of 1.60.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company posted ($0.60) EPS. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

DraftKings 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.