EULAV Asset Management Reduces Holdings in DraftKings Inc. $DKNG

EULAV Asset Management trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 76.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,000 shares of the company’s stock after selling 200,000 shares during the period. EULAV Asset Management’s holdings in DraftKings were worth $2,068,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DKNG. Dagco Inc. bought a new position in shares of DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. boosted its holdings in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares in the last quarter. Asset Dedication LLC bought a new position in shares of DraftKings in the third quarter valued at approximately $37,000. AlphaQuest LLC bought a new position in shares of DraftKings in the third quarter valued at approximately $41,000. Finally, Montag A & Associates Inc. boosted its holdings in shares of DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Woodrow Levin sold 34,234 shares of the firm’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 owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 2,150 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $55,040.00. Following the transaction, the director owned 1,406 shares in the company, valued at $35,993.60. This represents a 60.46% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 521,663 shares of company stock worth $13,144,962. 47.18% of the stock is owned by corporate insiders.

DraftKings Stock Down 1.7%

DKNG stock opened at $24.93 on Friday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market cap of $12.37 billion, a price-to-earnings ratio of 415.50 and a beta of 1.66. The company has a 50 day moving average of $23.80 and a two-hundred day moving average of $27.61.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned ($0.07) EPS. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. On average, equities analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on DKNG. BNP Paribas Exane began coverage on shares of DraftKings in a report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price objective for the company. Wedbush assumed coverage on shares of DraftKings in a research note on Friday, April 24th. They set an “outperform” rating for the company. Weiss Ratings lowered shares of DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a research note on Friday, April 24th. Finally, Citizens Jmp cut their target price on shares of DraftKings from $38.00 to $34.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $34.35.

About DraftKings

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.