Coastal Bridge Advisors LLC Has $19.96 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Coastal Bridge Advisors LLC decreased its stake in DraftKings Inc. (NASDAQ:DKNG) by 32.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 522,960 shares of the company’s stock after selling 249,000 shares during the period. DraftKings accounts for 5.0% of Coastal Bridge Advisors LLC’s portfolio, making the stock its 4th largest position. Coastal Bridge Advisors LLC owned approximately 0.06% of DraftKings worth $19,961,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marshall Wace LLP grew its position in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. First Trust Advisors LP increased its position in DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after acquiring an additional 2,528,503 shares during the period. Eagle Asset Management Inc. bought a new stake in DraftKings during the 4th quarter valued at $87,829,000. Vanguard Group Inc. boosted its position in DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the 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 transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the company’s 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 sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The disclosure for this sale can be found here. Insiders sold 1,195,301 shares of company stock valued at $45,355,362 over the last quarter. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DKNG. JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday. Guggenheim lowered their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Truist Financial restated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Finally, Bank of America decreased their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.74.

DraftKings Trading Down 1.4 %

Shares of NASDAQ DKNG opened at $40.36 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $35.08 billion, a price-to-earnings ratio of -34.20 and a beta of 1.80. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The business has a 50 day simple moving average of $35.62 and a 200 day simple moving average of $39.38.

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

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.