Cookson Peirce & Co. Inc. Invests $279,000 in DraftKings Inc. (NASDAQ:DKNG)

Cookson Peirce & Co. Inc. acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 7,928 shares of the company’s stock, valued at approximately $279,000.

Other hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of DraftKings in the 4th quarter worth $7,975,000. Deutsche Bank AG raised its position in shares of DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after buying an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of DraftKings in the 3rd quarter worth $209,000. Schonfeld Strategic Advisors LLC raised its position in shares of DraftKings by 27.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after buying an additional 64,186 shares during the period. Finally, Arizona State Retirement System raised its position in shares of DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after buying an additional 1,237 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on DKNG. Wells Fargo & Company increased their target price on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. UBS Group raised their price objective on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. JMP Securities reissued a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a research report on Monday, March 25th. Mizuho initiated coverage on DraftKings in a research report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price objective on the stock. Finally, The Goldman Sachs Group initiated coverage on DraftKings in a research report on Tuesday. They issued a “buy” rating and a $60.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $46.93.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock valued at $65,685,509 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $42.21 on Thursday. The business’s 50 day moving average is $43.86 and its 200-day moving average is $37.81. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a twelve month low of $19.73 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the firm posted ($0.53) EPS. The business’s quarterly revenue was up 43.9% on a year-over-year basis. Equities research analysts expect that DraftKings Inc. will post -0.25 earnings per share for the current year.

DraftKings 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.