Perennial Investment Advisors LLC Acquires 818 Shares of DraftKings Inc. (NASDAQ:DKNG)

Perennial Investment Advisors LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,476 shares of the company’s stock after acquiring an additional 818 shares during the quarter. Perennial Investment Advisors LLC’s holdings in DraftKings were worth $476,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Winthrop Advisory Group LLC raised its holdings in DraftKings by 2.4% in the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares in the last quarter. ST Germain D J Co. Inc. raised its holdings in DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after purchasing an additional 250 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after purchasing an additional 286 shares in the last quarter. Sfmg LLC raised its holdings in DraftKings by 3.9% in the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of research reports. UBS Group increased their price objective on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Oppenheimer reduced their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Guggenheim reduced their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Finally, BMO Capital Markets reduced their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,220,537 shares of company stock valued at $44,784,070. 51.19% of the stock is owned by company insiders.

DraftKings Stock Up 1.9 %

DKNG stock opened at $38.95 on Wednesday. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $33.86 billion, a P/E ratio of -33.01 and a beta of 1.80. The business’s 50-day moving average price is $35.33 and its 200-day moving average price is $39.51.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm earned ($0.17) EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. On average, equities research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

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.