Pictet Asset Management SA Sells 76,146 Shares of DraftKings Inc. (NASDAQ:DKNG)

Pictet Asset Management SA decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNGGet Rating) by 77.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 22,699 shares of the company’s stock after selling 76,146 shares during the period. Pictet Asset Management SA’s holdings in DraftKings were worth $265,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of DKNG. HG Vora Capital Management LLC bought a new stake in shares of DraftKings in the 1st quarter valued at about $126,555,000. DAVENPORT & Co LLC raised its holdings in shares of DraftKings by 115.1% in the 2nd quarter. DAVENPORT & Co LLC now owns 5,184,744 shares of the company’s stock valued at $60,536,000 after purchasing an additional 2,774,000 shares in the last quarter. Nikko Asset Management Americas Inc. raised its holdings in shares of DraftKings by 8.4% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 13,326,147 shares of the company’s stock valued at $261,726,000 after purchasing an additional 1,035,220 shares in the last quarter. Aaron Wealth Advisors LLC bought a new stake in shares of DraftKings in the 1st quarter valued at about $36,835,000. Finally, Vanguard Group Inc. raised its holdings in shares of DraftKings by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 26,751,024 shares of the company’s stock valued at $520,842,000 after purchasing an additional 412,179 shares in the last quarter. Institutional investors own 29.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Redburn Partners assumed coverage on shares of DraftKings in a report on Wednesday, October 12th. They issued a “neutral” rating and a $19.00 price target for the company. Morgan Stanley reduced their price target on shares of DraftKings from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft cut their price objective on shares of DraftKings from $16.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday, November 7th. Exane BNP Paribas assumed coverage on shares of DraftKings in a research report on Thursday, October 6th. They issued an “underperform” rating on the stock. Finally, Piper Sandler assumed coverage on shares of DraftKings in a research report on Friday, November 18th. They issued an “overweight” rating and a $21.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $23.96.

DraftKings Price Performance

DKNG stock opened at $15.34 on Thursday. The firm’s fifty day simple moving average is $14.92 and its 200-day simple moving average is $14.63. The company has a market capitalization of $12.91 billion, a P/E ratio of -4.39 and a beta of 1.77. DraftKings Inc. has a 12 month low of $9.77 and a 12 month high of $36.57.

DraftKings Profile

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

Further Reading

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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