Bridges Investment Management Inc. Buys New Shares in DraftKings Inc. (NASDAQ:DKNG)

Bridges Investment Management Inc. bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,038 shares of the company’s stock, valued at approximately $345,000.

A number of other hedge funds have also added to or reduced their stakes in DKNG. First Trust Advisors LP grew its position in DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. bought a new position in DraftKings in the fourth quarter valued at $87,829,000. Vanguard Group Inc. lifted its stake in DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after acquiring an additional 2,225,759 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in 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 valued at $85,747,000 after acquiring an additional 1,723,819 shares during the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in DraftKings in the fourth quarter valued at $59,467,000. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred 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 sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred 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 sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,220,537 shares of company stock valued at $44,784,070. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

DKNG stock opened at $39.28 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57. The firm has a market cap of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.80. The company’s 50-day moving average price is $35.42 and its two-hundred day moving average price is $39.44.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays cut their price target on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group cut their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Macquarie reiterated an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. Wells Fargo & Company cut their price target on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Finally, Oppenheimer cut their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $49.78.

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.