Assenagon Asset Management S.A. Grows Stock Position in DraftKings Inc. $DKNG

Key Points

• Assenagon Asset Management S.A. increased its stake in DraftKings Inc. by 1,783.5% in the second quarter, acquiring a total of 123,466 shares valued at approximately $5.3 million.
• Several large investors have entered or expanded their positions in DraftKings recently, increasing institutional ownership to 37.70% of the stock.
• Analysts have shown a favorable outlook for DraftKings, with 25 out of 26 analysts rating the stock as a Buy and a consensus price target of $55.15.

Assenagon Asset Management S.A. increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 1,783.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 123,466 shares of the company's stock after buying an additional 116,911 shares during the quarter. Assenagon Asset Management S.A.'s holdings in DraftKings were worth $5,295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in DKNG. FNY Investment Advisers LLC acquired a new stake in DraftKings during the first quarter worth about $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings during the first quarter worth about $27,000. GPS Wealth Strategies Group LLC increased its stake in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after acquiring an additional 564 shares during the last quarter. Bank of Jackson Hole Trust acquired a new stake in DraftKings during the first quarter worth about $31,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after acquiring an additional 317 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Wall Street Zen upgraded DraftKings from a "hold" rating to a "buy" rating in a research note on Saturday, September 20th. Barclays restated an "overweight" rating and set a $54.00 price target (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Sanford C. Bernstein assumed coverage on DraftKings in a research note on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. Morgan Stanley restated an "overweight" rating and set a $52.00 price target (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Finally, Stifel Nicolaus lowered their target price on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Twenty-five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.15.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares of the company's stock, valued at approximately $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares of the company's stock, valued at $5,753,081.90. This represents a 25.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 658,331 shares of company stock valued at $29,285,365 in the last three months. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

DKNG stock opened at $42.95 on Thursday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The firm has a market cap of $21.32 billion, a P/E ratio of -66.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.73. The stock has a 50-day simple moving average of $45.05 and a 200-day simple moving average of $39.76.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.14. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.DraftKings's revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.

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