Perennial Investment Advisors LLC Boosts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Perennial Investment Advisors LLC grew its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,476 shares of the company’s stock after acquiring an additional 818 shares during the quarter. Perennial Investment Advisors LLC’s holdings in DraftKings were worth $476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC boosted its holdings in DraftKings by 68.3% during the 2nd quarter. Virtu Financial LLC now owns 92,493 shares of the company’s stock worth $3,530,000 after acquiring an additional 37,528 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of DraftKings in the 2nd quarter worth about $960,000. Moors & Cabot Inc. boosted its holdings in shares of DraftKings by 4.1% in the 2nd quarter. Moors & Cabot Inc. now owns 27,530 shares of the company’s stock worth $1,051,000 after buying an additional 1,075 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of DraftKings by 8.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after buying an additional 441,975 shares during the last quarter. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings in the 2nd quarter worth about $39,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Up 1.9 %

DKNG stock opened at $38.95 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The company’s 50 day moving average is $35.33 and its 200 day moving average is $39.51. The stock has a market cap of $33.86 billion, a price-to-earnings ratio of -33.01 and a beta of 1.80. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. DraftKings’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.17) earnings per share. Sell-side analysts predict that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group cut their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Guggenheim cut their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. BMO Capital Markets cut their price target on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Finally, Benchmark boosted their price objective on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.78.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock valued at $44,784,070 over the last quarter. 51.19% of the stock is owned by corporate insiders.

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.