Amova Asset Management Americas Inc. Sells 1,207,787 Shares of DraftKings Inc. $DKNG

Amova Asset Management Americas Inc. cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,330,602 shares of the company’s stock after selling 1,207,787 shares during the quarter. Amova Asset Management Americas Inc. owned 0.47% of DraftKings worth $50,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of DKNG. Dagco Inc. bought a new position in DraftKings in the fourth quarter valued at $26,000. Ascentis Independent Advisors purchased a new position in shares of DraftKings during the 1st quarter valued at about $27,000. Montag A & Associates Inc. lifted its position in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after buying an additional 500 shares during the last quarter. Aventura Private Wealth LLC bought a new stake in DraftKings in the 4th quarter worth approximately $39,000. Finally, SHP Wealth Management purchased a new stake in DraftKings in the fourth quarter worth approximately $42,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $24.32 on Tuesday. The company has a market cap of $12.07 billion, a price-to-earnings ratio of 405.33 and a beta of 1.65. The company has a 50-day moving average price of $25.80 and a 200-day moving average price of $26.02. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, equities analysts anticipate that DraftKings Inc. will post 0.54 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Mizuho lifted their price target on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Truist Financial decreased their target price on shares of DraftKings from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of DraftKings from $26.00 to $28.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Finally, Scotiabank raised DraftKings to an “outperform” rating in a research note on Friday, April 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $34.43.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the 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 completion of the transaction, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 97,596 shares of company stock valued at $2,756,991 in the last ninety days. 47.18% of the stock is currently owned by insiders.

DraftKings Company 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.