DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 98.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,555 shares of the company's stock after selling 357,431 shares during the period. Assenagon Asset Management S.A.'s holdings in DraftKings were worth $218,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Raiffeisen Bank International AG acquired a new position in DraftKings in the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings during the fourth quarter worth $28,000. MassMutual Private Wealth & Trust FSB increased its holdings in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after buying an additional 317 shares during the last quarter. Synergy Investment Management LLC purchased a new position in DraftKings in the fourth quarter valued at $37,000. Finally, Westpac Banking Corp purchased a new position in DraftKings in the fourth quarter valued at $44,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. JMP Securities decreased their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research note on Thursday, June 5th. TD Securities decreased their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Cfra Research upgraded shares of DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Bank of America decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Finally, Barclays decreased their price objective on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $54.41.

DraftKings Trading Up 3.9%

Shares of DraftKings stock opened at $39.60 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The stock has a market cap of $35.22 billion, a PE ratio of -47.71, a price-to-earnings-growth ratio of 1.12 and a beta of 1.63. The company has a 50-day moving average of $35.37 and a two-hundred day moving average of $38.52.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now directly owns 601,520 shares of the company's stock, valued at $19,417,065.60. This trade represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director now directly owns 5,947 shares of the company's stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,021,950 shares of company stock valued at $38,644,036. Corporate insiders own 51.19% of the company's stock.

About DraftKings

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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