Peregrine Capital Management LLC Has $34.07 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Peregrine Capital Management LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,025,882 shares of the company's stock after selling 37,648 shares during the quarter. DraftKings accounts for about 1.1% of Peregrine Capital Management LLC's investment portfolio, making the stock its 19th biggest position. Peregrine Capital Management LLC owned about 0.12% of DraftKings worth $34,070,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DKNG. Janus Henderson Group PLC lifted its position in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after buying an additional 9,352,019 shares in the last quarter. Norges Bank acquired a new position in shares of DraftKings during the fourth quarter worth approximately $276,328,000. FMR LLC grew its stake in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Eminence Capital LP bought a new position in DraftKings in the 4th quarter worth approximately $65,255,000. Finally, Contrarius Group Holdings Ltd acquired a new position in DraftKings during the 4th quarter worth $58,397,000. Institutional investors own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on DKNG shares. BTIG Research dropped their target price on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. TD Securities decreased their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group reaffirmed a "buy" rating on shares of DraftKings in a research note on Friday, June 13th. Guggenheim dropped their price objective on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Cfra Research raised DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.14.

DraftKings Trading Down 2.2%

Shares of DKNG traded down $0.92 during mid-day trading on Wednesday, reaching $41.07. 9,504,816 shares of the company were exchanged, compared to its average volume of 9,660,013. The business has a 50 day simple moving average of $36.75 and a two-hundred day simple moving average of $38.46. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The stock has a market capitalization of $36.52 billion, a PE ratio of -49.47, a PEG ratio of 1.10 and a beta of 1.67.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the sale, the insider directly owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock valued at $19,748,622 over the last 90 days. 47.08% of the stock is owned by company 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.