Assenagon Asset Management S.A. Sells 96,249 Shares of DraftKings Inc. $DKNG

Assenagon Asset Management S.A. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 29.1% during the first quarter, Holdings Channel reports. The firm owned 234,316 shares of the company’s stock after selling 96,249 shares during the quarter. Assenagon Asset Management S.A.’s holdings in DraftKings were worth $5,066,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DKNG. Ocean Park Asset Management LLC bought a new position in DraftKings in the 1st quarter worth approximately $220,000. Rockefeller Capital Management L.P. raised its position in shares of DraftKings by 458.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 104,360 shares of the company’s stock valued at $3,596,000 after buying an additional 85,665 shares during the last quarter. World Investment Advisors purchased a new position in shares of DraftKings in the fourth quarter worth $213,000. SHP Wealth Management purchased a new position in shares of DraftKings in the fourth quarter worth $42,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of DraftKings during the fourth quarter worth $69,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

DraftKings stock opened at $25.80 on Tuesday. The firm has a 50-day moving average price of $25.13 and a 200-day moving average price of $26.96. The firm has a market capitalization of $12.80 billion, a PE ratio of 430.00 and a beta of 1.66. 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 issued its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, equities research analysts forecast that DraftKings Inc. will post 0.6 EPS for the current year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction 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. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s 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 owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,596 shares of company stock valued at $2,756,991 over the last three months. Insiders own 47.18% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research analyst reports. Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings downgraded shares of DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Argus downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a report on Tuesday, March 17th. Citigroup restated a “market outperform” rating on shares of DraftKings in a research report on Monday, June 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 target price on shares of DraftKings in a report on Monday, May 11th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.27.

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.