Peregrine Capital Management LLC Sells 51,075 Shares of DraftKings Inc. (NASDAQ:DKNG)

Peregrine Capital Management LLC cut its position in DraftKings Inc. (NASDAQ:DKNG) by 4.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,063,530 shares of the company’s stock after selling 51,075 shares during the quarter. DraftKings comprises about 1.2% of Peregrine Capital Management LLC’s holdings, making the stock its 21st largest position. Peregrine Capital Management LLC owned about 0.12% of DraftKings worth $39,563,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC purchased a new position in shares of DraftKings in the fourth quarter worth about $30,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the third quarter valued at approximately $43,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV boosted its holdings in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the transaction, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,163,742 shares of company stock worth $47,082,888. 51.19% of the stock is owned by corporate insiders.

DraftKings Trading Up 15.2 %

Shares of DKNG opened at $53.49 on Tuesday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market capitalization of $26.08 billion, a price-to-earnings ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93. The firm’s 50-day moving average price is $40.76 and its 200-day moving average price is $38.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Sell-side analysts anticipate that DraftKings Inc. will post -0.95 EPS for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of analyst reports. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Barclays upped their price target on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Macquarie lifted their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Benchmark upped their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.64.

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.