DraftKings Inc. (NASDAQ:DKNG) Stock Holdings Cut by EULAV Asset Management

EULAV Asset Management lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 13.3% during the third quarter, Holdings Channel reports. The institutional investor owned 221,000 shares of the company’s stock after selling 34,000 shares during the quarter. EULAV Asset Management’s holdings in DraftKings were worth $8,663,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Global Retirement Partners LLC raised its position in DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after acquiring an additional 273 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after purchasing an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Brown Lisle Cummings Inc. boosted its holdings in DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its position in DraftKings by 18.3% in the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after buying an additional 329 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 820,536 shares of company stock worth $32,916,465. 48.94% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. TD Cowen increased their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. JMP Securities boosted their price objective on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday, November 11th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group cut their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

DraftKings Stock Up 2.0 %

DraftKings stock opened at $43.21 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The firm’s fifty day simple moving average is $38.61 and its 200-day simple moving average is $37.89. The company has a market capitalization of $38.05 billion, a P/E ratio of -49.10 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Sell-side analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

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.