Peregrine Capital Management LLC Increases Position in DraftKings Inc. $DKNG

Key Points

• Peregrine Capital boosted its stake in DraftKings by 33.3% in Q4 to 1,275,643 shares (about $43.96M), making DKNG its 16th-largest holding and roughly 1.3% of its portfolio.
• Insiders have been selling recently — Paul Liberman sold 484,417 shares for about $12.19M on March 11, and insiders disposed of 496,718 shares worth ~$12.48M in the past three months, though insiders still own 47.18% of the company.
• Analysts maintain a consensus "Moderate Buy" with a $35.84 target, while shares trade near $22.34 (12‑month range $20.46–$48.78) and DraftKings has a market cap of roughly $11.1B.

Peregrine Capital Management LLC lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 33.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,275,643 shares of the company's stock after acquiring an additional 318,645 shares during the period. DraftKings accounts for approximately 1.3% of Peregrine Capital Management LLC's investment portfolio, making the stock its 16th biggest holding. Peregrine Capital Management LLC owned about 0.26% of DraftKings worth $43,959,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Nordea Investment Management AB boosted its position in DraftKings by 1,996.2% in the third quarter. Nordea Investment Management AB now owns 421,127 shares of the company's stock valued at $16,205,000 after buying an additional 401,037 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in DraftKings by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company's stock valued at $279,494,000 after buying an additional 79,152 shares in the last quarter. Citigroup Inc. raised its holdings in shares of DraftKings by 40.6% during the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company's stock worth $72,547,000 after acquiring an additional 560,139 shares during the period. Bedell Frazier Investment Counselling LLC acquired a new stake in DraftKings during the third quarter worth $4,492,000. Finally, Waycross Partners LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $2,584,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of research reports. Needham & Company LLC reiterated a "buy" rating and issued a $35.00 price objective on shares of DraftKings in a research note on Tuesday, March 3rd. Morgan Stanley decreased their price target on DraftKings from $53.00 to $40.00 and set an "overweight" rating for the company in a report on Tuesday, February 24th. Weiss Ratings restated a "sell (d-)" rating on shares of DraftKings in a research report on Wednesday, January 21st. UBS Group lowered their target price on shares of DraftKings from $53.00 to $43.00 and set a "buy" rating on the stock in a report on Monday, March 16th. Finally, Stifel Nicolaus cut their price target on shares of DraftKings from $44.00 to $40.00 and set a "buy" rating for the company in a report on Tuesday, February 17th. Twenty-five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.84.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 484,417 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares in the company, valued at $5,374,100.52. The trade was a 69.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the sale, the chief accounting officer directly owned 38,168 shares in the company, valued at approximately $937,406.08. The trade was a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 496,718 shares of company stock valued at $12,477,308 in the last three months. 47.18% of the stock is owned by company insiders.

DraftKings Price Performance

Shares of DKNG traded down $0.13 on Thursday, reaching $22.34. The stock had a trading volume of 850,332 shares, compared to its average volume of 14,776,979. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The firm has a market capitalization of $11.08 billion, a PE ratio of -558.80, a PEG ratio of 0.96 and a beta of 1.68. The firm has a 50-day moving average of $23.39 and a 200 day moving average of $29.19. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91.

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.

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