Pilgrim Partners Asia Pte Ltd Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Pilgrim Partners Asia Pte Ltd purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 1,280 shares of the company’s stock, valued at approximately $48,000.

Several other institutional investors have also modified their holdings of the business. Pine Valley Investments Ltd Liability Co increased its stake in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares in the last quarter. Claro Advisors LLC increased its position in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP raised its holdings in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares during the period. Westside Investment Management Inc. lifted its position in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after acquiring an additional 288 shares in the last quarter. Finally, Nvwm LLC boosted its stake in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after purchasing an additional 312 shares during the period. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on DKNG. Benchmark lifted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. lifted their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Barclays upped their price target on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Argus set a $60.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Finally, JMP Securities reissued a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.42.

Insider Buying and Selling

In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is owned by company insiders.

DraftKings Stock Down 2.3 %

DraftKings stock opened at $31.67 on Friday. The company’s 50-day moving average price is $41.21 and its two-hundred day moving average price is $40.15. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $15.83 billion, a P/E ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, analysts expect that DraftKings Inc. will post 0.64 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.