Bridges Investment Management Inc. Acquires Shares of 9,038 DraftKings Inc. (NASDAQ:DKNG)

Bridges Investment Management Inc. bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,038 shares of the company’s stock, valued at approximately $345,000.

A number of other hedge funds have also made changes to their positions in DKNG. PNC Financial Services Group Inc. increased its holdings in shares of DraftKings by 1.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after buying an additional 1,021 shares in the last quarter. D.A. Davidson & CO. grew its position in DraftKings by 60.8% during the 4th quarter. D.A. Davidson & CO. now owns 16,028 shares of the company’s stock worth $565,000 after acquiring an additional 6,058 shares during the last quarter. Corient Private Wealth LLC grew its position in DraftKings by 9.4% during the 4th quarter. Corient Private Wealth LLC now owns 47,100 shares of the company’s stock worth $1,660,000 after acquiring an additional 4,039 shares during the last quarter. Quest Partners LLC bought a new stake in DraftKings during the 4th quarter worth approximately $93,000. Finally, Ontario Teachers Pension Plan Board bought a new stake in DraftKings during the 4th quarter worth approximately $1,235,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Up 0.0 %

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

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. 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 the consensus estimate of $1.11 billion. During the same quarter last year, the business posted ($0.17) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. Equities research analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the firm’s 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 approximately $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Paul Liberman sold 63,206 shares of the stock in a transaction 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 completion of the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,220,537 shares of company stock worth $44,784,070. 51.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Monday, September 16th. Oppenheimer decreased their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Berenberg Bank upgraded DraftKings to a “hold” rating in a research report on Friday, May 31st. Susquehanna increased their price target on DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research report on Wednesday, September 4th. Finally, Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $49.78.

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.