EULAV Asset Management Lowers Stock Position in DraftKings Inc. $DKNG

EULAV Asset Management cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.8% in the third quarter, HoldingsChannel reports. The fund owned 260,000 shares of the company’s stock after selling 45,000 shares during the period. EULAV Asset Management’s holdings in DraftKings were worth $9,724,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Helios Capital Management PTE. Ltd. boosted its holdings in DraftKings by 926.0% in the 2nd quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock worth $4,889,000 after buying an additional 102,889 shares during the period. Claro Advisors LLC raised its holdings in DraftKings by 121.4% during the second quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock valued at $1,712,000 after acquiring an additional 21,890 shares during the period. Swiss National Bank lifted its position in shares of DraftKings by 10.0% in the second quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock valued at $58,415,000 after acquiring an additional 124,200 shares in the last quarter. K.J. Harrison & Partners Inc bought a new position in shares of DraftKings in the second quarter worth about $1,081,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of DraftKings in the second quarter worth about $535,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 3.3%

DKNG stock opened at $35.46 on Friday. The firm has a fifty day moving average price of $33.38 and a 200 day moving average price of $38.38. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The firm has a market cap of $17.65 billion, a PE ratio of -62.21, a price-to-earnings-growth ratio of 0.69 and a beta of 1.63. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business earned ($0.60) EPS. DraftKings’s revenue for the quarter was up 4.4% compared to the same quarter last year. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $33.84, for a total value of $1,785,973.68. Following the completion of the sale, the insider directly owned 512,182 shares of the company’s stock, valued at $17,332,238.88. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry Sloan bought 25,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was bought at an average price of $30.30 per share, with a total value of $757,500.00. Following the acquisition, the director owned 249,712 shares in the company, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 113,975 shares of company stock worth $3,562,653 in the last 90 days. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Zacks Research raised DraftKings from a “strong sell” rating to a “hold” rating in a research note on Friday, January 9th. JMP Securities reduced their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. Berenberg Bank set a $43.00 target price on shares of DraftKings and gave the stock a “buy” rating in a research report on Thursday, October 9th. BMO Capital Markets cut their target price on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Finally, Benchmark reiterated a “buy” rating on shares of DraftKings in a research note on Monday. Twenty-five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.07.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.