51,635 Shares in DraftKings Inc. (NASDAQ:DKNG) Acquired by Peregrine Asset Advisers Inc.

Peregrine Asset Advisers Inc. acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, Holdings Channel reports. The firm acquired 51,635 shares of the company’s stock, valued at approximately $1,820,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DKNG. Highlander Capital Management LLC boosted its stake in shares of DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after buying an additional 450 shares during the period. FSC Wealth Advisors LLC acquired a new stake in shares of DraftKings during the 4th quarter valued at $37,000. Householder Group Estate & Retirement Specialist LLC boosted its stake in shares of DraftKings by 154.2% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after buying an additional 737 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of DraftKings during the 3rd quarter valued at $45,000. Finally, CI Investments Inc. boosted its stake in shares of DraftKings by 55.9% during the 3rd quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock valued at $49,000 after buying an additional 599 shares during the period. 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 the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold a total of 1,086,101 shares of company stock worth $45,903,509 over the last ninety days. Corporate insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DKNG shares. Stifel Nicolaus lifted their target price on shares of DraftKings from $50.00 to $51.00 and gave the company a “buy” rating in a research note on Monday. UBS Group raised their price target on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Piper Sandler raised their price target on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Susquehanna raised their price target on shares of DraftKings from $54.00 to $56.00 and gave the company a “positive” rating in a report on Monday, April 29th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.07.

DraftKings Price Performance

Shares of DraftKings stock traded up $2.25 during trading on Monday, hitting $44.07. 14,633,921 shares of the company’s stock traded hands, compared to its average volume of 11,762,487. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s fifty day moving average price is $43.66 and its 200 day moving average price is $39.03. DraftKings Inc. has a twelve month low of $22.65 and a twelve month high of $49.57. The company has a market cap of $38.19 billion, a PE ratio of -37.35 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the firm posted ($0.87) earnings per share. DraftKings’s revenue was up 52.7% on a year-over-year basis. Analysts forecast that DraftKings Inc. will post -0.24 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.