Assenagon Asset Management S.A. Cuts Stock Position in DraftKings Inc. $DKNG

Assenagon Asset Management S.A. decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 86.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,226 shares of the company’s stock after selling 106,240 shares during the quarter. Assenagon Asset Management S.A.’s holdings in DraftKings were worth $644,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in DraftKings during the 2nd quarter valued at about $45,000. Delos Wealth Advisors LLC purchased a new position in DraftKings in the second quarter worth about $47,000. Ameritas Advisory Services LLC bought a new position in shares of DraftKings in the second quarter worth approximately $48,000. Finally, 1 North Wealth Services LLC purchased a new stake in shares of DraftKings during the first quarter valued at approximately $49,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

DKNG opened at $34.35 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The company has a market cap of $17.10 billion, a price-to-earnings ratio of -60.26, a PEG ratio of 2.85 and a beta of 1.60. The company’s 50 day moving average is $32.38 and its 200 day moving average is $38.86. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The firm’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.60) earnings per share. On average, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling

In related news, Director Harry Sloan bought 25,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the transaction, the director owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer directly owned 126,990 shares of the company’s stock, valued at $3,711,917.70. This represents a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 166,752 shares of company stock valued at $5,387,153 over the last three months. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Truist Financial lowered their price objective on DraftKings from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday. BTIG Research upped their target price on shares of DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $46.00 price target (down from $50.00) on shares of DraftKings in a research note on Monday, November 10th. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of DraftKings in a report on Wednesday, November 19th. Finally, JMP Securities dropped their target price on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a report on Wednesday, October 1st. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

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.