EULAV Asset Management Purchases 40,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

EULAV Asset Management boosted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 18.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 260,000 shares of the company's stock after buying an additional 40,000 shares during the period. EULAV Asset Management's holdings in DraftKings were worth $8,635,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new stake in DraftKings in the fourth quarter worth $25,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings during the first quarter valued at $26,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of DraftKings during the first quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings during the fourth quarter valued at $28,000. Finally, GPS Wealth Strategies Group LLC increased its holdings in shares of DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Down 0.5%

DraftKings stock traded down $0.19 during trading hours on Monday, hitting $40.58. The company had a trading volume of 8,147,002 shares, compared to its average volume of 9,702,790. The firm has a market capitalization of $36.09 billion, a P/E ratio of -48.89, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The firm's fifty day moving average is $37.16 and its 200-day moving average is $38.48. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Stifel Nicolaus lowered their price target on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. began coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. Morgan Stanley lowered their target price on DraftKings from $53.00 to $51.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Barclays lowered their target price on DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Monday, May 12th. Finally, Benchmark lifted their target price on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, March 10th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.90.

Insider Transactions at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the sale, the insider directly owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer directly owned 171,268 shares in the company, valued at $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 536,627 shares of company stock worth $19,748,622. Corporate insiders own 47.08% of the company's stock.

DraftKings Profile

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.