DraftKings Inc. $DKNG Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management cut its DraftKings stake by 37% in the fourth quarter, selling 546,888 shares and leaving it with 930,086 shares worth about $32.1 million.
• DraftKings insiders have also been selling: Paul Liberman and Woodrow Levin both reduced their positions, and insiders collectively sold 521,663 shares worth about $13.1 million over the past 90 days.
• Analysts remain generally constructive, with a Moderate Buy consensus and an average price target of $34.35, even though the stock recently traded down 1.7% to $24.93 and the company missed EPS estimates in its latest quarter.

TD Asset Management Inc lowered its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 37.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 930,086 shares of the company's stock after selling 546,888 shares during the period. TD Asset Management Inc owned approximately 0.19% of DraftKings worth $32,051,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DKNG. Dagco Inc. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. grew its holdings in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company's stock valued at $30,000 after purchasing an additional 405 shares in the last quarter. Asset Dedication LLC acquired a new position in DraftKings during the 3rd quarter worth approximately $37,000. Montag A & Associates Inc. grew its holdings in DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company's stock worth $38,000 after acquiring an additional 500 shares in the last quarter. Finally, Aventura Private Wealth LLC acquired a new position in DraftKings during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 484,417 shares of the company's stock in a transaction on 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 completion of the sale, the insider owned 213,597 shares in the company, valued at $5,374,100.52. This represents a 69.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Woodrow Levin sold 34,234 shares of the company's stock in a transaction 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 521,663 shares of company stock worth $13,144,962 in the last 90 days. 47.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $32.00 price target on shares of DraftKings in a report on Sunday, May 10th. Northland Securities set a $27.00 price target on shares of DraftKings in a report on Monday, May 11th. HSBC upgraded shares of DraftKings from a "hold" rating to a "hold" rating in a report on Friday, April 24th. Susquehanna lowered their price target on shares of DraftKings from $33.00 to $32.00 and set a "positive" rating for the company in a report on Tuesday, March 31st. Finally, Zacks Research upgraded shares of DraftKings from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $34.35.

DraftKings Stock Down 1.7%

Shares of NASDAQ:DKNG opened at $24.93 on Friday. The company has a market capitalization of $12.37 billion, a PE ratio of 415.50 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 twelve month low of $20.46 and a twelve month high of $48.78. The firm has a 50 day simple moving average of $23.80 and a 200-day simple moving average of $27.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter in the prior year, the firm posted ($0.07) EPS. The firm's quarterly revenue was up 16.8% compared to the same quarter last year. On average, equities analysts predict that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

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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