V Square Quantitative Management LLC Sells 1,485 Shares of DraftKings Inc. $DKNG

V Square Quantitative Management LLC lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 40.4% during the second quarter, HoldingsChannel reports. The firm owned 2,189 shares of the company’s stock after selling 1,485 shares during the period. V Square Quantitative Management LLC’s holdings in DraftKings were worth $94,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. raised its holdings in shares of DraftKings by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after purchasing an additional 130,434 shares during the period. Baillie Gifford & Co. grew its stake in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after buying an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in DraftKings by 4.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock valued at $235,746,000 after buying an additional 301,134 shares in the last quarter. Eminence Capital LP grew its stake in DraftKings by 195.2% in the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after buying an additional 3,423,909 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after buying an additional 4,486,488 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction 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 approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares of the company’s stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 658,331 shares of company stock worth $29,285,365. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on DKNG shares. BTIG Research reduced their price objective on shares of DraftKings from $53.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday. Wall Street Zen upgraded shares of DraftKings from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Truist Financial lifted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Benchmark reduced their price objective on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Susquehanna reiterated a “positive” rating and issued a $64.00 price objective on shares of DraftKings in a research note on Friday, August 8th. Twenty-six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.89.

DraftKings Stock Down 0.8%

DKNG opened at $34.89 on Friday. The company has a fifty day moving average price of $44.44 and a 200-day moving average price of $39.80. The firm has a market capitalization of $17.32 billion, a P/E ratio of -53.68, a price-to-earnings-growth ratio of 0.83 and a beta of 1.99. 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 Inc. has a one year low of $29.64 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly 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. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business’s revenue for the quarter was up 36.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.