EULAV Asset Management Cuts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

EULAV Asset Management reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 13.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 221,000 shares of the company’s stock after selling 34,000 shares during the period. EULAV Asset Management’s holdings in DraftKings were worth $8,663,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. raised its holdings in shares of DraftKings by 10.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 31,860 shares of the company’s stock valued at $1,249,000 after purchasing an additional 2,978 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after buying an additional 350,215 shares during the last quarter. Commerce Bank raised its stake in DraftKings by 56.0% in the third quarter. Commerce Bank now owns 22,809 shares of the company’s stock valued at $894,000 after buying an additional 8,185 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in DraftKings during the 3rd quarter worth about $349,000. Finally, Prospera Financial Services Inc boosted its position in shares of DraftKings by 5.3% during the 3rd quarter. Prospera Financial Services Inc now owns 10,181 shares of the company’s stock worth $399,000 after acquiring an additional 509 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related 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 completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 820,536 shares of company stock valued at $32,916,465 in the last three months. 48.94% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research report on Tuesday, September 10th. Oppenheimer dropped their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Finally, TD Cowen raised their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Stock Performance

Shares of DKNG opened at $43.21 on Wednesday. The company has a market cap of $38.05 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The firm has a fifty day moving average of $38.61 and a 200-day moving average of $37.89. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, equities analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current 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.