Assenagon Asset Management S.A. Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Assenagon Asset Management S.A. grew its position in DraftKings Inc. (NASDAQ:DKNG) by 264.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 133,734 shares of the company’s stock after buying an additional 97,031 shares during the quarter. Assenagon Asset Management S.A.’s holdings in DraftKings were worth $5,242,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. LRI Investments LLC purchased a new stake in shares of DraftKings in the first quarter valued at $31,000. Alta Advisers Ltd purchased a new position in DraftKings in the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings during the second quarter valued at about $39,000. St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings during the second quarter worth about $46,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the third quarter worth about $46,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,220,536 shares of company stock worth $46,110,465 over the last ninety days. Insiders own 48.94% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $36.77 on Wednesday. The company has a fifty day moving average price of $37.33 and a 200 day moving average price of $38.18. The firm has a market cap of $32.30 billion, a PE ratio of -41.31 and a beta of 1.81. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 1-year low of $26.35 and a 1-year 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, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the firm earned ($0.17) earnings per share. DraftKings’s revenue for the quarter was up 26.2% compared to the same quarter last year. Research analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on DKNG shares. The Goldman Sachs Group reduced their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Oppenheimer reduced their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Macquarie reiterated an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research note on Monday, August 26th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $50.22.

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.