Assetmark Inc. Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Assetmark Inc. grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 5.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 188,565 shares of the company’s stock after acquiring an additional 9,058 shares during the quarter. Assetmark Inc.’s holdings in DraftKings were worth $7,392,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Janney Montgomery Scott LLC boosted its holdings in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after acquiring an additional 128,676 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of DraftKings in the second quarter valued at about $1,530,000. Romano Brothers AND Company acquired a new position in DraftKings during the 3rd quarter worth approximately $1,181,000. US Bancorp DE grew its holdings in DraftKings by 110.2% during the third quarter. US Bancorp DE now owns 859,715 shares of the company’s stock worth $33,701,000 after acquiring an additional 450,773 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of DraftKings by 63.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after purchasing an additional 31,880 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock valued at $39,966,465 in the last three months. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $43.21 on Tuesday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $37.96 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The stock’s 50 day moving average price is $37.83 and its 200 day moving average price is $37.92.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. Equities research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on DKNG. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research note on Tuesday, September 10th. Bank of America decreased their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Barclays boosted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Finally, JMP Securities raised their price target on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $50.48.

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.