Cookson Peirce & Co. Inc. Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Cookson Peirce & Co. Inc. bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,928 shares of the company’s stock, valued at approximately $279,000.

A number of other institutional investors have also recently added to or reduced their stakes in DKNG. Whale Rock Capital Management LLC acquired a new position in shares of DraftKings in the 2nd quarter worth approximately $215,687,000. Two Sigma Investments LP acquired a new position in shares of DraftKings in the 1st quarter worth approximately $102,351,000. Massachusetts Financial Services Co. MA acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $107,276,000. Ameriprise Financial Inc. lifted its position in shares of DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $91,790,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DKNG shares. JMP Securities restated a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a research report on Monday, March 25th. Barclays upgraded shares of DraftKings from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $41.00 to $50.00 in a research report on Friday, February 23rd. UBS Group boosted their target price on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. The Goldman Sachs Group began coverage on shares of DraftKings in a research report on Tuesday. They set a “buy” rating and a $60.00 target price on the stock. Finally, Stifel Nicolaus upgraded shares of DraftKings from a “hold” rating to a “buy” rating and boosted their target price for the company from $40.00 to $45.00 in a research report on Friday, January 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $46.93.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock worth $65,685,509 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $42.21 on Thursday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a fifty-two week low of $19.73 and a fifty-two week high of $49.57. The firm has a 50-day moving average of $43.86 and a 200 day moving average of $37.81.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. DraftKings’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.53) EPS. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.25 EPS for the current fiscal year.

DraftKings Company Profile

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.