Peregrine Asset Advisers Inc. Makes New $1.82 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Peregrine Asset Advisers Inc. bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 51,635 shares of the company’s stock, valued at approximately $1,820,000.

Several other hedge funds have also made changes to their positions in DKNG. International Assets Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $7,975,000. Deutsche Bank AG raised its stake in DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in DraftKings in the third quarter valued at about $209,000. Schonfeld Strategic Advisors LLC raised its stake in DraftKings by 27.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after buying an additional 1,237 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $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 quarter. 48.94% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of research analyst reports. Mizuho initiated coverage on DraftKings in a research note on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price target for the company. Benchmark increased their price target on DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group started coverage on DraftKings in a research note on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price target for the company. JMP Securities reissued a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. Finally, Morgan Stanley increased their price objective on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $49.07.

DraftKings Price Performance

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

DraftKings (NASDAQ:DKNG) last released 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). The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business’s revenue was up 52.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.87) EPS. On average, equities research analysts forecast that DraftKings Inc. will post -0.24 EPS for the current fiscal 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.