The Vanguard Group, Inc. recently announced the acquisition of new stake in DraftKings Inc. (NASDAQ:DKNG). The institutional investor has increased its shareholding in the Consumer Cyclical company by 0.36% to 36.48 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 7.83% valued currently at $1.29 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.41 million to 16.42 million shares.
Currently, there are 450.57M common shares owned by the public and among those 444.69M shares have been available to trade.
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Insiders at the company have transacted a total of 305 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 155 of these insider trades were purchases, accounting for 6,159,373 shares. Insider sales of the common stock occurred on 150 occasions, with total insider shares sold totaling 7,662,581 shares.
The top 3 mutual fund holders in DraftKings Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and ARK Innovation ETF. Vanguard Total Stock Market ETF owns 13.22 million shares of the company’s stock, all valued at over $465.93 million. The company bought an additional 0.88 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.47 million shares to see its total holdings expand to 10.69 million shares valued at over $376.67 million and representing 2.29% of the shares outstanding. ARK Innovation ETF sold 35552.0 shares to bring its total holdings to over 7.67 million shares at a value of $270.52 million. ARK Innovation ETF now owns shares totaling to 1.65% of the shares outstanding.
However, the script later moved the day high at 40.18, up 3.72%. The company’s stock has a 5-day price change of 5.19% and 52.21% over the past three months. DKNG shares are trading 13.22% year to date (YTD), with the 12-month market performance up to 179.09% higher. It has a 12-month low price of $14.19 and touched a high of $40.00 over the same period. DKNG has an average intraday trading volume of 13.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.98%, 10.06%, and 34.79% respectively.
Institutional ownership of DraftKings Inc. (NASDAQ: DKNG) shares accounts for 62.78% of the company’s 450.57M shares outstanding. Mutual fund holders own 32.15%, while other institutional holders and individual stakeholders account for 4.56% and 30.95% respectively.
It has a market capitalization of $18.61B and a beta (3y monthly) value of 1.86. The earnings-per-share (ttm) stands at -$2.19. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.72% over the week and 3.61% over the month.
Analysts forecast that DraftKings Inc. (DKNG) will achieve an EPS of $0.08 for the current quarter, -$0.33 for the next quarter and -$0.27 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.08 while analysts give the company a high EPS estimate of $0.21. Comparatively, EPS for the current quarter was -$0.53 a year ago. Earnings per share for the fiscal year are expected to increase by 52.29%, and 81.01% over the next financial year.
Looking at the support for the DKNG, a number of firms have released research notes about the stock. Stifel stated their Buy rating for the stock in a research note on January 19, 2024, with the firm’s price target at $40-$45.
