DraftKings Inc. $DKNG Shares Sold by Peregrine Capital Management LLC

Peregrine Capital Management LLC decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 6.2% in the first quarter, Holdings Channel reports. The institutional investor owned 1,196,951 shares of the company’s stock after selling 78,692 shares during the period. DraftKings accounts for about 1.0% of Peregrine Capital Management LLC’s portfolio, making the stock its 18th largest position. Peregrine Capital Management LLC’s holdings in DraftKings were worth $25,878,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of DraftKings by 50.8% in the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after purchasing an additional 8,524,923 shares in the last quarter. Viking Global Investors LP raised its holdings in DraftKings by 27.4% in the 4th quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock worth $658,872,000 after purchasing an additional 4,116,561 shares during the period. Capital World Investors raised its holdings in DraftKings by 181.4% in the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after purchasing an additional 12,008,357 shares during the period. Finally, AQR Capital Management LLC boosted its position in DraftKings by 41.0% during the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after purchasing an additional 4,788,337 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on DKNG. Jefferies Financial Group reissued a “buy” rating on shares of DraftKings in a report on Wednesday, June 10th. Citizens Jmp upped their target price on DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. decreased their target price on DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, April 16th. Moffett Nathanson cut shares of DraftKings from a “buy” rating to a “neutral” rating and dropped their price target for the company from $38.00 to $27.00 in a research note on Friday, April 24th. Finally, Citigroup reissued a “market outperform” rating on shares of DraftKings in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.27.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 97,596 shares of company stock valued at $2,756,991 over the last quarter. 47.18% of the stock is owned by company insiders.

DraftKings Price Performance

NASDAQ:DKNG opened at $25.26 on Wednesday. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The stock has a 50 day moving average of $25.18 and a two-hundred day moving average of $26.89. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm has a market cap of $12.53 billion, a P/E ratio of 421.00 and a beta of 1.66.

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

DraftKings 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.