Amova Asset Management Americas Inc. Purchases 523,570 Shares of DraftKings Inc. $DKNG

Amova Asset Management Americas Inc. grew its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 17.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,538,389 shares of the company’s stock after buying an additional 523,570 shares during the quarter. DraftKings accounts for 1.4% of Amova Asset Management Americas Inc.’s holdings, making the stock its 20th biggest position. Amova Asset Management Americas Inc.’s holdings in DraftKings were worth $121,933,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of DKNG. Dagco Inc. purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $26,000. Ameriflex Group Inc. increased its stake in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares during the last quarter. Asset Dedication LLC purchased a new stake in shares of DraftKings during the 3rd quarter worth approximately $37,000. Montag A & Associates Inc. increased its stake in shares of DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $39,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of a number of recent research reports. UBS Group lifted their price objective on shares of DraftKings from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Friday. Barclays lifted their price objective on shares of DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research note on Monday, June 1st. Freedom Capital upgraded shares of DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Finally, Bank of America reduced their price objective on shares of DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings said annualized consumer trading volume on its prediction-markets platform reached $1.3 billion, with total volume up 34% to $3.1 billion and consumer volume up 24% to $1.3 billion, signaling strong traction in a high-growth new business line. DraftKings Sees $1.3 Billion in Prediction Market Trading. The Stock Is Soaring.
• Positive Sentiment: Multiple reports noted that trading volume and call-option activity surged, suggesting increased investor speculation and momentum around DKNG’s prediction-markets growth. Call Traders Target DraftKings Stock Amid Strong Volume Growth
• Positive Sentiment: News that CEO Jason Robins will participate in an upcoming investor conference may keep attention on the stock and give management another chance to discuss growth opportunities and the company’s “super app” strategy. DraftKings Announces Jason Robins’ Participation in Upcoming Event
• Neutral Sentiment: DraftKings was also mentioned in a market-movers roundup and in an announcement about a CEO chat, but these items add little new fundamental information beyond keeping DKNG in the spotlight. Stocks making the biggest moves midday: Apple, Micron Technology, Coherent, DraftKings, J.M. Smucker & more
• Neutral Sentiment: A short-interest update showed 0 shares reported, which does not provide a meaningful new signal for investors. DraftKings stock jumps 11% as prediction markets volume surges

DraftKings Stock Up 11.3%

DKNG opened at $27.59 on Wednesday. DraftKings Inc. has a one year low of $20.46 and a one 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 firm has a market capitalization of $13.69 billion, a P/E ratio of 459.83 and a beta of 1.66. The company has a fifty day moving average price of $24.01 and a 200-day moving average price of $27.56.

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 analysts’ consensus estimates of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’s revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) earnings per share. Equities research analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 2,150 shares of the business’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director directly owned 1,406 shares of the company’s stock, valued at $35,993.60. The trade was a 60.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Woodrow Levin sold 34,234 shares of the business’s 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 completion of the sale, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 37,246 shares of company stock valued at $957,031 over the last three months. 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.