Assetmark Inc. Sells 187,599 Shares of DraftKings Inc. $DKNG

Key Points

• Assetmark Inc. cut its stake in DraftKings by 98.4%, selling 187,599 shares in Q4 and retaining just 2,973 shares worth about $102,000, per its SEC filing.
• Insider activity: Director Harry Sloan bought 100,000 shares at $21.85 while founder Paul Liberman sold 484,417 shares; insiders net sold 496,718 shares in the last 90 days and now own about 47.18% of the company.
• Analyst and market view: Several firms trimmed price targets but the consensus is a "Moderate Buy" with an average target of $34.84, while DKNG trades near $23 with a 12‑month range of $20.46–$48.78.

Assetmark Inc. cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 98.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,973 shares of the company's stock after selling 187,599 shares during the quarter. Assetmark Inc.'s holdings in DraftKings were worth $102,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of DKNG. Viking Global Investors LP purchased a new position in DraftKings in the third quarter worth about $561,125,000. AQR Capital Management LLC boosted its position in DraftKings by 63.5% in the third quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company's stock worth $437,044,000 after purchasing an additional 4,538,007 shares during the last quarter. Eminence Capital LP boosted its position in DraftKings by 31.9% in the third quarter. Eminence Capital LP now owns 6,274,863 shares of the company's stock worth $234,680,000 after purchasing an additional 1,517,413 shares during the last quarter. Nordea Investment Management AB boosted its position in DraftKings by 208.8% in the fourth quarter. Nordea Investment Management AB now owns 1,300,308 shares of the company's stock worth $45,329,000 after purchasing an additional 879,181 shares during the last quarter. Finally, Citigroup Inc. boosted its position in DraftKings by 40.6% in the third quarter. Citigroup Inc. now owns 1,939,764 shares of the company's stock worth $72,547,000 after purchasing an additional 560,139 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research reports. Citigroup dropped their target price on DraftKings from $32.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. Stifel Nicolaus dropped their target price on DraftKings from $44.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, February 17th. Bank of America dropped their target price on DraftKings from $37.50 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft cut DraftKings from a "hold" rating to a "hold" rating in a research report on Friday. Finally, Canaccord Genuity Group dropped their target price on DraftKings from $50.00 to $44.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Twenty-seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.84.

Insider Buying and Selling

In related news, Director Harry Sloan acquired 100,000 shares of the stock in a transaction dated Tuesday, February 17th. The shares were purchased at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the transaction, the director directly owned 350,219 shares in the company, valued at approximately $7,652,285.15. This represents a 39.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the transaction, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 496,718 shares of company stock valued at $12,477,308 in the last 90 days. Corporate insiders own 47.18% of the company's stock.

DraftKings Stock Up 4.6%

DKNG stock opened at $23.18 on Friday. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The stock has a market cap of $11.49 billion, a P/E ratio of -579.50, a PEG ratio of 0.92 and a beta of 1.68. The business's 50-day moving average price is $23.36 and its 200-day moving average price is $29.03.

About DraftKings

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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