Sumitomo Mitsui Trust Group Inc. Has $68.24 Million Position in DraftKings Inc. $DKNG

Sumitomo Mitsui Trust Group Inc. cut its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.8% in the first quarter, Holdings Channel reports. The institutional investor owned 3,156,404 shares of the company’s stock after selling 1,214,499 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in DraftKings were worth $68,241,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IHT Wealth Management LLC lifted its stake in DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares in the last quarter. Orion Porfolio Solutions LLC grew its stake in shares of DraftKings by 3.1% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after acquiring an additional 321 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of DraftKings by 3.8% in the fourth quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock valued at $357,000 after purchasing an additional 379 shares during the last quarter. Centaurus Financial Inc. raised its holdings in shares of DraftKings by 4.1% in the third quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after purchasing an additional 410 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in shares of DraftKings by 1.8% in the second quarter. Rafferty Asset Management LLC now owns 23,629 shares of the company’s stock worth $1,013,000 after purchasing an additional 421 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Up 0.7%

Shares of NASDAQ:DKNG traded up $0.19 during midday trading on Friday, hitting $26.48. The stock had a trading volume of 7,706,396 shares, compared to its average volume of 10,361,102. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The business’s 50-day simple moving average is $25.72 and its 200-day simple moving average is $26.48. The company has a market cap of $13.14 billion, a P/E ratio of 441.33 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. DraftKings’s quarterly revenue was up 16.8% on a year-over-year basis. On average, sell-side analysts forecast that DraftKings Inc. will post 0.59 earnings per share for the current fiscal year.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: TD Cowen raised its price target on DraftKings to $35 from $30 and reiterated a Buy rating, signaling confidence in roughly 32% upside from current levels. Article Title
• Positive Sentiment: DraftKings announced it will launch its online sportsbook and casino in Alberta on July 13, expanding its North American footprint into its second Canadian province and 34th jurisdiction overall. Article Title
• Positive Sentiment: Michael Burry disclosed a stake in DraftKings, saying he bought shares around $26 and betting that competition from prediction markets will face tighter regulation over time, which helped fuel interest in beaten-down sportsbook stocks. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with a consensus price target near $34.30 and the majority of ratings still at Buy, suggesting Wall Street sees meaningful upside if sentiment improves. Article Title
• Neutral Sentiment: Recent commentary highlighted conflicting analyst views and technical pressure, reflecting ongoing uncertainty about whether DKNG can stabilize after a sharp multi-month pullback. Article Title
• Negative Sentiment: A recent Yahoo Finance article warned of “3 Reasons to Sell DKNG”, reinforcing bearish sentiment after a difficult six months for the stock. Article Title
• Negative Sentiment: Another report noted DraftKings declined even as the broader market rose, underscoring investor concern that the stock remains vulnerable to sector competition and momentum weakness. Article Title

Analyst Upgrades and Downgrades

Several brokerages recently commented on DKNG. Zacks Research upgraded shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Northland Securities set a $27.00 price target on shares of DraftKings in a research report on Monday, May 11th. Sanford C. Bernstein reissued an “outperform” rating on shares of DraftKings in a research report on Thursday, June 11th. UBS Group increased their price objective on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, Guggenheim restated a “buy” rating and issued a $35.00 price objective on shares of DraftKings in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.46.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. Insiders own 47.18% of the company’s stock.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.