TD Asset Management Inc Trims Holdings in DraftKings Inc. $DKNG

TD Asset Management Inc decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 37.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 930,086 shares of the company’s stock after selling 546,888 shares during the quarter. TD Asset Management Inc’s holdings in DraftKings were worth $32,051,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of DKNG. Integrated Wealth Concepts LLC raised its position in DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after buying an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after buying an additional 40,495 shares during the last quarter. Empowered Funds LLC raised its position in DraftKings by 18.0% during the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after buying an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in DraftKings during the 2nd quarter worth $603,000. Finally, Daiwa Securities Group Inc. raised its position in DraftKings by 2.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after buying an additional 968 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho upped their price objective on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Argus downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a research report on Tuesday, March 17th. Guggenheim dropped their price objective on DraftKings from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, May 11th. Finally, The Goldman Sachs Group dropped their price objective on DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $34.35.

Insider Transactions at DraftKings

In other news, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. This represents a 53.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the transaction, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 521,663 shares of company stock valued at $13,144,962 in the last ninety days. 47.18% of the stock is currently owned by company insiders.

DraftKings Stock Performance

NASDAQ:DKNG opened at $24.93 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The stock has a market cap of $12.37 billion, a PE ratio of 415.50 and a beta of 1.66. The firm’s fifty day simple moving average is $23.80 and its 200-day simple moving average is $27.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. Analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

DraftKings Company 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.