Bridges Investment Management Inc. Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Bridges Investment Management Inc. raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,475 shares of the company’s stock after purchasing an additional 437 shares during the quarter. Bridges Investment Management Inc.’s holdings in DraftKings were worth $371,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DKNG. Assetmark Inc. boosted its position in DraftKings by 5.0% in the third quarter. Assetmark Inc. now owns 188,565 shares of the company’s stock valued at $7,392,000 after buying an additional 9,058 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of DraftKings in the 3rd quarter valued at $355,000. Smith Thornton Advisors LLC increased its stake in shares of DraftKings by 3.9% in the third quarter. Smith Thornton Advisors LLC now owns 9,552 shares of the company’s stock worth $374,000 after acquiring an additional 360 shares during the period. TFB Advisors LLC raised its holdings in shares of DraftKings by 3.4% during the third quarter. TFB Advisors LLC now owns 18,009 shares of the company’s stock worth $706,000 after purchasing an additional 589 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new position in DraftKings during the third quarter valued at $8,742,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Performance

DraftKings stock opened at $40.13 on Friday. The stock has a market cap of $35.26 billion, a price-to-earnings ratio of -45.09 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $37.66 and a 200-day simple moving average of $37.95. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. On average, analysts expect that DraftKings Inc. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on DKNG. Macquarie reaffirmed an “outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Monday, August 26th. Barclays lifted their price target on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Mizuho upped their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Finally, Truist Financial reiterated a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $50.22.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock valued at $39,966,465 over the last 90 days. 51.19% of the stock is owned by insiders.

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.