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

Amova Asset Management Americas Inc. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.1% during the 1st quarter, according to its most recent 13F filing with the 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.’s holdings in DraftKings were worth $50,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after acquiring an additional 1,354,457 shares during the last quarter. Waycross Partners LLC purchased a new stake in DraftKings in the 4th quarter worth $2,584,000. DAVENPORT & Co LLC boosted its holdings in shares of DraftKings by 11.2% during the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after purchasing an additional 348,333 shares during the last quarter. Stableford Capital II LLC bought a new position in shares of DraftKings during the 4th quarter valued at about $2,476,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of DraftKings by 11.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company’s stock valued at $150,621,000 after purchasing an additional 433,963 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was 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 in the company, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on 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 directly owned 29,820 shares of the company’s stock, valued at $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 have sold a total of 97,596 shares of company stock worth $2,756,991 in the last 90 days. 47.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on DKNG shares. Benchmark reiterated a “buy” rating on shares of DraftKings in a research report on Monday. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of DraftKings in a report on Wednesday, June 24th. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. Wells Fargo & Company lowered their target price on DraftKings from $32.00 to $29.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a report 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 given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.43.

DraftKings Trading Down 2.5%

Shares of NASDAQ DKNG opened at $24.32 on Tuesday. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50 day moving average is $25.80 and its two-hundred day moving average is $26.02. The stock has a market capitalization of $12.07 billion, a P/E ratio of 405.33 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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). The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) earnings per share. As a group, research analysts expect that DraftKings Inc. will post 0.54 EPS for the current year.

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.