Assenagon Asset Management S.A. Sells 99,812 Shares of DraftKings Inc. $DKNG

Key Points

• Assenagon Asset Management cut its DraftKings position by 42.6% in the second quarter, selling 99,812 shares and retaining 134,504 shares worth approximately $3.4 million.
• Other institutional investors increased their exposure, including Capital World Investors, Janus Henderson, Norges Bank and Spruce House; institutions collectively own 37.7% of DraftKings.
• DraftKings shares traded near $25.51, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $34.11. Recent insider activity was also negative, with executives selling shares worth about $2.76 million over 90 days.

Assenagon Asset Management S.A. trimmed its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 42.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,504 shares of the company's stock after selling 99,812 shares during the quarter. Assenagon Asset Management S.A.'s holdings in DraftKings were worth $3,398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. Viking Global Investors LP acquired a new position in shares of DraftKings in the 3rd quarter valued at $561,125,000. Capital World Investors lifted its holdings in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company's stock worth $641,867,000 after acquiring an additional 12,008,357 shares during the period. Janus Henderson Group PLC boosted its position in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company's stock valued at $858,893,000 after acquiring an additional 8,524,923 shares in the last quarter. Norges Bank acquired a new stake in shares of DraftKings during the 4th quarter valued at about $284,466,000. Finally, Spruce House Investment Management LLC boosted its position in shares of DraftKings by 129.6% during the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company's stock valued at $208,633,000 after acquiring an additional 5,446,166 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Up 0.7%

Shares of DKNG stock opened at $25.51 on Thursday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The company has a market capitalization of $12.66 billion, a P/E ratio of -67.13 and a beta of 1.66. The firm has a 50-day moving average price of $25.34 and a 200 day moving average price of $24.77. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03.

Insider Activity

In other news, Director Woodrow Levin sold 34,234 shares of the firm'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 transaction of $880,156.14. Following the completion of the sale, the director owned 29,820 shares of the company's stock, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction that occurred 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 transaction, the insider owned 556,258 shares of the company's stock, valued at $16,509,737.44. This trade represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,596 shares of company stock worth $2,756,991 over the last ninety days. Insiders own 47.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DKNG. BTIG Research increased their price target on shares of DraftKings from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. HSBC raised DraftKings from a "hold" rating to a "hold" rating in a report on Friday, April 24th. Zacks Research upgraded DraftKings from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. dropped their target price on DraftKings from $34.00 to $33.00 and set an "overweight" rating for the company in a report on Monday. Finally, Benchmark increased their target price on DraftKings from $29.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and an average target price of $34.11.

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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