DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Peregrine Capital Management LLC

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Vanguard Group Inc. increased its holdings in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after purchasing an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after buying an additional 707,504 shares during the period. FMR LLC grew its position in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after buying an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after buying an additional 89,988 shares during the period. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TD Securities cut their price target on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. JMP Securities cut their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. Susquehanna boosted their target price on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a report on Monday, May 12th. JPMorgan Chase & Co. started coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target for the company. Finally, Northland Securities set a $50.00 price objective on shares of DraftKings in a research report on Friday, April 25th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $53.90.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the company's 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 transaction, the insider owned 504,381 shares in the company, valued at $19,670,859. This represents a 23.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider directly owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 536,627 shares of company stock worth $19,748,622. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Performance

NASDAQ:DKNG traded down $0.65 during mid-day trading on Thursday, reaching $40.68. The stock had a trading volume of 6,794,721 shares, compared to its average volume of 9,673,212. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The business has a 50 day simple moving average of $36.89 and a 200 day simple moving average of $38.48. The firm has a market capitalization of $36.17 billion, a price-to-earnings ratio of -49.01, a PEG ratio of 1.08 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20.

About DraftKings

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.