Assenagon Asset Management S.A. Lowers Holdings in DraftKings Inc. $DKNG

Key Points

• Assenagon Asset Management cut its DraftKings stake by 29.1% in the first quarter, selling 96,249 shares and leaving it with 234,316 shares valued at about $5.07 million.
• DraftKings continues to draw mostly positive analyst sentiment, with a Moderate Buy consensus and an average price target of $34.27; UBS recently raised its target to $49.
• The company posted $1.65 billion in quarterly revenue, up 16.8% year over year, but earnings of $0.20 per share missed estimates by $0.02; insiders also sold shares over the past three months.

Assenagon Asset Management S.A. decreased its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 29.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,316 shares of the company's stock after selling 96,249 shares during the period. 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 institutional investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its stake in shares of DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company's stock worth $314,000 after buying an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company's stock valued at $1,463,000 after acquiring an additional 40,495 shares in the last quarter. Empowered Funds LLC increased its position in shares of DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock valued at $303,000 after acquiring an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in DraftKings in the 2nd quarter worth approximately $603,000. Finally, Daiwa Securities Group Inc. raised its holdings in DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company's stock worth $1,892,000 after acquiring an additional 968 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. Citigroup reiterated a "market outperform" rating on shares of DraftKings in a research note on Monday, June 22nd. New Street Research set a $29.00 price target on DraftKings in a research note on Monday, June 1st. UBS Group upped their price target on DraftKings from $43.00 to $49.00 and gave the company a "buy" rating in a report on Friday, June 5th. Wedbush started coverage on DraftKings in a research report on Friday, April 24th. They set an "outperform" rating on the stock. Finally, Northland Securities set a $27.00 price objective on DraftKings in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $34.27.

DraftKings Price Performance

Shares of DraftKings stock opened at $25.80 on Tuesday. The stock has a market cap of $12.80 billion, a P/E ratio of 430.00 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The stock's fifty day moving average is $25.13 and its 200 day moving average is $26.96. DraftKings Inc. has a one year low of $20.46 and a one year high of $48.78.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the firm posted ($0.07) EPS. The business's revenue for the quarter was up 16.8% on a year-over-year basis. Sell-side analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction on Thursday, June 11th. The stock was 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. This trade represents a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock valued at $2,756,991 over the last three months. 47.18% of the stock is currently owned by insiders.

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.

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