TD Asset Management Inc Acquires 698,877 Shares of DraftKings Inc. (NASDAQ:DKNG)

TD Asset Management Inc lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 1,009.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 768,139 shares of the company’s stock after acquiring an additional 698,877 shares during the period. TD Asset Management Inc owned 0.09% of DraftKings worth $29,320,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DKNG. Transcendent Capital Group LLC bought a new position in shares of DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. bought a new position in DraftKings during the fourth quarter valued at approximately $29,000. LRI Investments LLC bought a new position in DraftKings during the first quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new position in DraftKings during the first quarter valued at approximately $33,000. Finally, Concord Wealth Partners boosted its stake in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 1.7 %

Shares of NASDAQ DKNG opened at $35.11 on Friday. The business’s 50 day moving average price is $35.24 and its 200-day moving average price is $39.72. The company has a market cap of $30.52 billion, a price-to-earnings ratio of -29.75 and a beta of 1.80. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DKNG shares. UBS Group increased their price target on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday. Susquehanna increased their price target on DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Tuesday, September 3rd. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Finally, Macquarie reissued an “outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.52.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold 1,470,537 shares of company stock worth $54,321,570 in the last ninety days. 51.19% of the stock is owned by company insiders.

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.