Praetorian PR LLC Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Praetorian PR LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 410,000 shares of the company's stock, valued at approximately $15,252,000. DraftKings accounts for 6.1% of Praetorian PR LLC's investment portfolio, making the stock its 6th largest holding. Praetorian PR LLC owned approximately 0.08% of DraftKings as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the fourth quarter valued at about $30,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings in the fourth quarter worth about $37,000. Westpac Banking Corp purchased a new position in DraftKings in the fourth quarter valued at about $44,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in DraftKings during the 4th quarter valued at approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

Shares of DraftKings stock traded down $0.12 during trading on Monday, hitting $34.13. The stock had a trading volume of 7,357,150 shares, compared to its average volume of 9,688,005. The business has a fifty day moving average of $36.26 and a two-hundred day moving average of $39.39. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $30.14 billion, a P/E ratio of -32.20, a PEG ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data 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 48.13% and a negative net margin of 10.64%. On average, sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction dated 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 sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,628,302 shares of company stock valued at $111,145,088 over the last three months. Insiders own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler reissued an "overweight" rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. increased their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Truist Financial cut their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, Mizuho decreased their target price on DraftKings from $62.00 to $59.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and an average price target of $54.48.

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.