23,495 Shares in DraftKings Inc. (NASDAQ:DKNG) Purchased by Bryn Mawr Capital Management LLC

Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 23,495 shares of the company’s stock, valued at approximately $874,000.

A number of other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC purchased a new stake in DraftKings during the 3rd quarter valued at about $28,028,000. Janney Montgomery Scott LLC raised its holdings in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after acquiring an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on DKNG. Stifel Nicolaus upped their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday. Susquehanna cut their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Friday, February 14th. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.69.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,160,591 shares of company stock valued at $46,945,158 over the last 90 days. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

Shares of DraftKings stock opened at $49.44 on Friday. The firm has a market cap of $24.22 billion, a PE ratio of -46.64, a price-to-earnings-growth ratio of 2.06 and a beta of 1.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm’s 50-day simple moving average is $41.30 and its 200-day simple moving average is $39.18. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 47.48% and a negative net margin of 10.64%. Equities analysts forecast that DraftKings Inc. will post 0.46 earnings per share for the current fiscal 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.