Pilgrim Partners Asia Pte Ltd Purchases Shares of 1,280 DraftKings Inc. (NASDAQ:DKNG)

Pilgrim Partners Asia Pte Ltd acquired a new position in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,280 shares of the company’s stock, valued at approximately $48,000.

A number of other institutional investors have also made changes to their positions in the business. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the 4th quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings in the fourth quarter worth $30,000. Synergy Investment Management LLC bought a new position in DraftKings during the fourth quarter worth $37,000. Delos Wealth Advisors LLC acquired a new position in DraftKings during the 3rd quarter valued at $43,000. Finally, Westpac Banking Corp bought a new stake in DraftKings in the 4th quarter valued at $44,000. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the transaction, the director now owns 1,612 shares in the company, valued at approximately $67,704. This trade represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,775,525 shares of company stock worth $117,241,446 over the last ninety days. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Down 2.3 %

NASDAQ:DKNG opened at $31.67 on Friday. The stock’s fifty day moving average price is $41.21 and its two-hundred day moving average price is $40.15. The company has a market cap of $15.83 billion, a price-to-earnings ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last posted its quarterly 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DKNG. Barclays boosted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Piper Sandler restated an “overweight” rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.42.

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.