US Bancorp DE Acquires 25,052 Shares of DraftKings Inc. $DKNG

US Bancorp DE grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 923,552 shares of the company’s stock after purchasing an additional 25,052 shares during the period. US Bancorp DE’s holdings in DraftKings were worth $39,611,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Brown Advisory Inc. raised its stake in shares of DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after acquiring an additional 968 shares during the last quarter. IFM Investors Pty Ltd raised its stake in shares of DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock valued at $2,781,000 after acquiring an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC bought a new position in shares of DraftKings during the first quarter valued at $515,000. Allspring Global Investments Holdings LLC raised its stake in shares of DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock valued at $90,558,000 after acquiring an additional 434,525 shares during the last quarter. Finally, Kentucky Retirement Systems bought a new position in shares of DraftKings during the first quarter valued at $1,026,000. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Benchmark dropped their price target on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Mizuho decreased their price objective on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a research report on Tuesday. Jefferies Financial Group set a $52.00 price objective on shares of DraftKings in a research report on Monday. Finally, Morgan Stanley reiterated an “overweight” rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Twenty-seven equities 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 stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $53.28.

Insiders Place Their Bets

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the firm’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 sale, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director owned 402 shares of the company’s stock, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 658,331 shares of company stock valued at $29,285,365. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Trading Up 3.6%

NASDAQ:DKNG opened at $35.20 on Friday. 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 stock has a market capitalization of $17.48 billion, a price-to-earnings ratio of -54.15, a PEG ratio of 0.72 and a beta of 1.99. The firm has a fifty day simple moving average of $43.42 and a two-hundred day simple moving average of $39.65. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 36.9% on a year-over-year basis. During the same period last year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Analysts expect that DraftKings Inc. will post 0.64 EPS 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.