Panagora Asset Management Inc. Trims Holdings in DraftKings Inc. (NASDAQ:DKNG)

Panagora Asset Management Inc. lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 168,507 shares of the company’s stock after selling 3,307 shares during the period. Panagora Asset Management Inc.’s holdings in DraftKings were worth $6,432,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in DKNG. CWM LLC increased its position in shares of DraftKings by 10.5% in the 4th quarter. CWM LLC now owns 15,850 shares of the company’s stock worth $559,000 after purchasing an additional 1,505 shares during the last quarter. Atria Wealth Solutions Inc. raised its stake in DraftKings by 24.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 43,856 shares of the company’s stock valued at $1,546,000 after buying an additional 8,491 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in DraftKings by 90.9% during the 4th quarter. Russell Investments Group Ltd. now owns 86,706 shares of the company’s stock worth $3,056,000 after buying an additional 41,280 shares during the last quarter. Summit Financial LLC grew its position in shares of DraftKings by 425.6% in the 4th quarter. Summit Financial LLC now owns 49,083 shares of the company’s stock worth $1,730,000 after acquiring an additional 39,745 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $18,122,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several research analyst reports. Truist Financial restated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, May 6th. Oppenheimer dropped their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Benchmark lifted their target price on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, BMO Capital Markets dropped their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $49.56.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,471,987 shares of company stock valued at $54,373,654. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Up 1.8 %

DKNG stock opened at $34.50 on Friday. The firm’s 50-day moving average is $35.59 and its two-hundred day moving average is $40.05. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $29.99 billion, a price-to-earnings ratio of -29.24 and a beta of 1.81. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.17) earnings per share. On average, analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

DraftKings Company 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.