DraftKings Inc. $DKNG Stock Acquired by International Assets Investment Management LLC

International Assets Investment Management LLC increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 191.2% in the third quarter, HoldingsChannel.com reports. The firm owned 60,000 shares of the company’s stock after acquiring an additional 39,396 shares during the quarter. International Assets Investment Management LLC’s holdings in DraftKings were worth $1,140,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DKNG. Renaissance Technologies LLC purchased a new stake in DraftKings during the first quarter worth about $17,660,000. Spruce House Investment Management LLC lifted its position in shares of DraftKings by 129.6% during the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after acquiring an additional 5,446,166 shares during the period. Janus Henderson Group PLC lifted its position in shares of DraftKings by 9.3% during the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after acquiring an additional 2,351,790 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of DraftKings during the 1st quarter worth approximately $4,473,000. Finally, Entropy Technologies LP acquired a new stake in shares of DraftKings in the 1st quarter worth approximately $2,669,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Key DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Ahead of Q3 results, analysts pointed to momentum in DraftKings’ sportsbook, iGaming and Predictions businesses as potential growth drivers. DKNG Gears Up for Q3 Earnings: Sportsbook Growth & Costs in Focus
• Neutral Sentiment: Analyst views offered some support but also signaled caution: Bernstein cut its price target to $27 from $29 while retaining an “outperform” rating, while Needham’s $30 target was presented as evidence the selloff may have gone too far. Bernstein analyst update Needham’s $30 Target Says DraftKings’ Selloff Went Too Far
• Negative Sentiment: Marketing and other investments could weigh on Q3 profitability even as revenue drivers grow. Investors are also watching DraftKings’ costly push into prediction markets, where competition is increasing and regulations remain unsettled—risks that could limit returns or raise costs. DraftKings Faces Increasing Competition in Prediction Markets One Big Reason Investors Should Keep an Eye on DraftKings

DraftKings Stock Up 5.4%

DKNG opened at $23.11 on Thursday. The firm has a market cap of $11.47 billion, a P/E ratio of -60.82, a PEG ratio of 2.88 and a beta of 1.65. The business’s fifty day simple moving average is $21.65 and its 200 day simple moving average is $24.17. DraftKings Inc. has a 52 week low of $18.35 and a 52 week high of $36.98. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, August 7th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.07. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 EPS. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Bank of America raised DraftKings from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Monday, October 5th. Stifel Nicolaus lowered their target price on DraftKings from $36.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, October 26th. Canaccord Genuity Group dropped their price target on DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Barclays cut their price target on DraftKings from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of DraftKings from $33.00 to $30.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.79.

Insider Activity

In other news, Director Jocelyn Moore sold 10,759 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the completion of the transaction, the director owned 1,881 shares of the company’s stock, valued at $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by corporate insiders.

DraftKings Profile

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.