Mark Asset Management LP Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Mark Asset Management LP decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 71.7% during the second quarter, Holdings Channel.com reports. The fund owned 104,395 shares of the company’s stock after selling 264,609 shares during the quarter. Mark Asset Management LP’s holdings in DraftKings were worth $3,985,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. MBB Public Markets I LLC bought a new stake in DraftKings during the second quarter worth about $1,176,000. Drucker Wealth 3.0 LLC bought a new stake in DraftKings during the second quarter worth about $304,000. APG Asset Management N.V. boosted its stake in DraftKings by 195.5% during the second quarter. APG Asset Management N.V. now owns 58,500 shares of the company’s stock worth $2,083,000 after acquiring an additional 38,700 shares in the last quarter. AQR Capital Management LLC boosted its stake in DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in DraftKings during the second quarter worth about $222,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction 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 of the company’s stock, valued at approximately $94,402,390.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 551,647 shares of company stock valued at $18,811,071. 51.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DKNG. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Susquehanna upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research note on Wednesday, September 4th. Benchmark upped their target price on shares of DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Bank of America dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Macquarie reissued an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a report on Monday, August 26th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.74.

DraftKings Stock Down 0.4 %

DKNG stock opened at $40.94 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $35.97 billion, a P/E ratio of -34.69 and a beta of 1.80. The company’s 50 day moving average is $35.55 and its two-hundred day moving average is $39.41. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm posted ($0.17) EPS. DraftKings’s quarterly revenue was up 26.2% on a year-over-year basis. Research analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

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.