University of Texas Texas AM Investment Management Co. Acquires 10,576 Shares of DraftKings Inc. $DKNG

University of Texas Texas AM Investment Management Co. grew its position in DraftKings Inc. (NASDAQ:DKNG) by 136.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 18,350 shares of the company’s stock after buying an additional 10,576 shares during the period. University of Texas Texas AM Investment Management Co.’s holdings in DraftKings were worth $787,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Brown Advisory Inc. raised its holdings in DraftKings by 14.6% in the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after buying an additional 968 shares during the last quarter. IFM Investors Pty Ltd raised its holdings in DraftKings by 9.3% in the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock worth $2,781,000 after buying an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC purchased a new position in DraftKings in the first quarter worth about $515,000. Allspring Global Investments Holdings LLC raised its holdings in DraftKings by 18.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock worth $90,558,000 after buying an additional 434,525 shares during the last quarter. Finally, Fortis Capital Advisors LLC purchased a new position in DraftKings in the second quarter worth about $535,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DKNG shares. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Barclays reissued an “overweight” rating and set a $54.00 price objective (up from $51.00) on shares of DraftKings in a report on Friday, August 8th. Susquehanna decreased their price objective on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a report on Tuesday, October 14th. Benchmark reissued a “buy” rating on shares of DraftKings in a report on Wednesday. Finally, JMP Securities decreased their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. Twenty-seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $52.83.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the company’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 completion of the transaction, the director directly owned 1,461 shares in the company, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $34.57, for a total transaction of $1,824,500.89. Following the completion of the transaction, the insider owned 500,000 shares of the company’s stock, valued at approximately $17,285,000. The trade was a 9.55% 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 in the last quarter. Insiders own 51.19% of the company’s stock.

DraftKings Stock Down 4.9%

Shares of DKNG stock opened at $33.00 on Friday. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The stock has a market cap of $16.38 billion, a P/E ratio of -50.77, a P/E/G ratio of 0.82 and a beta of 1.99. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The company has a 50 day simple moving average of $41.22 and a two-hundred day simple moving average of $39.68.

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

DraftKings Company 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.