Assenagon Asset Management S.A. grew its stake in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 172.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 363,986 shares of the company’s stock after buying an additional 230,252 shares during the quarter. Assenagon Asset Management S.A.’s holdings in DraftKings were worth $13,540,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in DKNG. Marshall Wace LLP lifted its stake in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new stake in shares of DraftKings during the 2nd quarter worth $39,306,000. AQR Capital Management LLC grew its stake in shares of 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 purchasing an additional 870,789 shares in the last quarter. Finally, FMR LLC grew its stake in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at DraftKings
In related news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 51.19% of the stock is owned by corporate insiders.
DraftKings Price Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities analysts predict that DraftKings Inc. will post -0.83 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on DKNG shares. JPMorgan Chase & Co. lifted their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Macquarie boosted their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Finally, Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.
View Our Latest Analysis on DKNG
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.
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