Assenagon Asset Management S.A. Sells 106,240 Shares of DraftKings Inc. $DKNG

Assenagon Asset Management S.A. cut its position in DraftKings Inc. (NASDAQ:DKNG) by 86.0% in the third quarter, HoldingsChannel.com reports. The firm 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 reporting period.

A number of other large investors also recently modified their holdings of the company. TD Private Client Wealth LLC boosted its holdings 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 buying an additional 282 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of DraftKings in the second quarter valued at about $45,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings in the second quarter worth about $47,000. Ameritas Advisory Services LLC purchased a new stake in shares of DraftKings during the second quarter worth about $48,000. Finally, Pinnacle Bancorp Inc. raised its stake in DraftKings by 101.3% during the 2nd quarter. Pinnacle Bancorp Inc. now owns 1,264 shares of the company’s stock valued at $54,000 after purchasing an additional 636 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DKNG. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of DraftKings in a research report on Wednesday, November 19th. Canaccord Genuity Group dropped their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, November 7th. BTIG Research increased their target price on DraftKings from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. JPMorgan Chase & Co. reduced their price target on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Finally, Citigroup started coverage on shares of DraftKings in a research report on Friday, November 21st. They issued a “buy” rating and a $48.00 price objective for the company. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.07.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $33.84, for a total value of $1,785,973.68. Following the completion of the sale, the insider directly owned 512,182 shares in the company, valued at approximately $17,332,238.88. This trade represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. The trade was a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 166,752 shares of company stock worth $5,387,153 over the last quarter. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $34.35 on Friday. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61. The firm 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 has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The firm has a 50-day simple moving average of $32.38 and a two-hundred day simple moving average of $38.86.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The firm had revenue of $1.14 billion for 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 company’s revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.60) EPS. On average, equities analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.