Assenagon Asset Management S.A. Purchases 230,252 Shares of DraftKings Inc. (NASDAQ:DKNG)

Assenagon Asset Management S.A. increased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 172.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 363,986 shares of the company's stock after buying an additional 230,252 shares during the period. Assenagon Asset Management S.A.'s holdings in DraftKings were worth $13,540,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in shares of DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the period. Geode Capital Management LLC raised its stake in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after buying an additional 284,131 shares during the period. FMR LLC lifted its position in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after buying an additional 826,626 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company's stock worth $144,905,000 after acquiring an additional 870,789 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Down 1.0 %

Shares of NASDAQ DKNG traded down $0.39 during trading on Friday, reaching $39.29. The company had a trading volume of 7,138,308 shares, compared to its average volume of 6,983,014. The company's fifty day moving average price is $40.65 and its 200-day moving average price is $37.97. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The stock has a market cap of $34.60 billion, a P/E ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data 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). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, research analysts expect that DraftKings Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. JMP Securities reduced their target price on shares of DraftKings from $52.00 to $50.00 and set a "market outperform" rating for the company in a report on Monday, January 6th. Susquehanna lowered their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Mizuho boosted their price objective on DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a report on Friday, October 18th. Finally, TD Cowen upped their target price on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.08.

Insider Activity

In other DraftKings 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 transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,052,183 shares of company stock worth $41,303,025. Company insiders own 48.94% of the company's stock.

DraftKings Profile

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.