Parcion Private Wealth LLC Boosts Position in DraftKings Inc. $DKNG

Parcion Private Wealth LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,786 shares of the company’s stock after buying an additional 1,459 shares during the quarter. Parcion Private Wealth LLC’s holdings in DraftKings were worth $591,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in DKNG. GAMMA Investing LLC grew its holdings in DraftKings by 57.1% during the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the company’s stock valued at $49,000 after buying an additional 536 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in 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. Kentucky Retirement Systems purchased a new position in DraftKings during the 1st quarter valued at about $1,026,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in DraftKings during the 1st quarter valued at about $437,000. Finally, Oppenheimer & Co. Inc. lifted its position in DraftKings by 12.0% in the first quarter. Oppenheimer & Co. Inc. now owns 86,770 shares of the company’s stock valued at $2,882,000 after purchasing an additional 9,277 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the sale, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 605,554 shares of company stock valued at $26,515,100 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DKNG. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Oppenheimer lowered their price objective on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Truist Financial decreased their target price on DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday. Susquehanna decreased their target price on DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a report on Tuesday, October 14th. Finally, UBS Group decreased their target price on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Twenty-seven investment 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’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.83.

DraftKings Price Performance

Shares of DKNG stock opened at $34.70 on Thursday. The stock has a market cap of $17.23 billion, a price-to-earnings ratio of -53.38, a PEG ratio of 0.84 and a beta of 1.99. The business’s fifty day moving average is $41.64 and its 200 day moving average is $39.61. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.14. The company 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 firm’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 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal 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.