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

Peregrine Capital Management LLC decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 956,998 shares of the company’s stock after selling 19,831 shares during the quarter. DraftKings makes up about 1.1% of Peregrine Capital Management LLC’s portfolio, making the stock its 19th biggest holding. Peregrine Capital Management LLC owned approximately 0.19% of DraftKings worth $35,792,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. IHT Wealth Management LLC raised its stake in DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after purchasing an additional 248 shares during the period. TD Private Client Wealth LLC lifted its holdings in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the last quarter. Farther Finance Advisors LLC grew its position in DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares during the period. Geneos Wealth Management Inc. increased its stake in DraftKings by 7.3% during the third quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after acquiring an additional 328 shares during the last quarter. Finally, Valeo Financial Advisors LLC increased its stake in DraftKings by 3.6% during the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after acquiring an additional 348 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DKNG opened at $35.98 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The company has a market cap of $17.91 billion, a P/E ratio of -63.12, a PEG ratio of 0.69 and a beta of 1.63. The firm’s 50 day moving average price is $32.82 and its 200 day moving average price is $38.64.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business’s revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.60) EPS. On average, research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on DKNG shares. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of DraftKings in a research report on Wednesday, November 19th. Canaccord Genuity Group dropped their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Zacks Research lowered shares of DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, November 6th. Sanford C. Bernstein dropped their target price on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Finally, Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and cut their target price for the company from $48.00 to $35.00 in a research report on Tuesday, November 4th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $47.07.

Insider Activity

In other DraftKings news, Director Gregory Westin Wendt purchased 10,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at approximately $302,700. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $33.84, for a total value of $1,785,973.68. Following the sale, the insider directly owned 512,182 shares of the company’s stock, valued at $17,332,238.88. This trade represents a 9.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 166,752 shares of company stock valued at $5,387,153 over the last quarter. Company insiders own 51.19% of the company’s stock.

About DraftKings

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.