1832 Asset Management L.P. Reduces Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

1832 Asset Management L.P. lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 52.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,147,100 shares of the company’s stock after selling 1,260,600 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.13% of DraftKings worth $43,785,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of DKNG. First Trust Advisors LP lifted its position in DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after acquiring an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of DraftKings in the 4th quarter valued at about $87,829,000. Vanguard Group Inc. boosted its position in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the period. Allspring Global Investments Holdings LLC grew its stake in DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after buying an additional 1,723,819 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its stake in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other DraftKings news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares in the company, valued at $7,997,504.46. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock worth $44,784,070 over the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DKNG. Bank of America decreased their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Oppenheimer decreased their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Macquarie reissued an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Monday, August 26th. Wells Fargo & Company reduced their target price on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Finally, UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.78.

DraftKings Trading Up 0.0 %

Shares of DKNG opened at $39.28 on Monday. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. 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 firm has a market capitalization of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.80. The firm’s 50-day moving average is $35.42 and its two-hundred day moving average is $39.42.

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