Profund Advisors LLC Decreases Position in DraftKings Inc. $DKNG

Profund Advisors LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 31.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 19,531 shares of the company’s stock after selling 9,029 shares during the period. Profund Advisors LLC’s holdings in DraftKings were worth $838,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Brooklyn Investment Group increased its holdings in shares of DraftKings by 7.3% in the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after buying an additional 270 shares during the period. TD Private Client Wealth LLC grew its position 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 last quarter. Farther Finance Advisors LLC grew its position in DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares during the last quarter. Obermeyer Wealth Partners increased its stake in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after purchasing an additional 297 shares during the period. Finally, Stevens Capital Management LP lifted its position in DraftKings by 3.7% in the first quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock valued at $299,000 after purchasing an additional 319 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several recent analyst reports. Mizuho cut their target price on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a report on Tuesday, October 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a report on Monday. JMP Securities lowered their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. dropped their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a report on Monday. Twenty-six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.66.

DraftKings Stock Down 0.1%

Shares of NASDAQ DKNG opened at $30.50 on Wednesday. The firm has a fifty day simple moving average of $37.18 and a two-hundred day simple moving average of $39.43. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51. The firm has a market capitalization of $15.18 billion, a PE ratio of -53.51, a price-to-earnings-growth ratio of 1.02 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.60) EPS. DraftKings’s quarterly revenue was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, 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 sale, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at $5,753,081.90. This represents a 25.86% 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, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the transaction, the insider owned 512,181 shares of the company’s stock, valued at approximately $24,262,013.97. This trade represents a 17.09% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 337,916 shares of company stock valued at $14,118,881. Corporate insiders own 47.08% of the company’s stock.

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.