Bridges Investment Management Inc. Acquires 437 Shares of DraftKings Inc. (NASDAQ:DKNG)

Bridges Investment Management Inc. grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,475 shares of the company’s stock after buying an additional 437 shares during the period. Bridges Investment Management Inc.’s holdings in DraftKings were worth $371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of DKNG. Marshall Wace LLP lifted its stake 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 in the last quarter. Jupiter Asset Management Ltd. boosted its stake in DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Blue Whale Capital LLP purchased a new position in DraftKings during the 2nd quarter valued at approximately $39,306,000. Kodai Capital Management LP bought a new stake in DraftKings in the 1st quarter worth approximately $41,276,000. Finally, AQR Capital Management LLC raised its holdings in shares of DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Truist Financial restated a “buy” rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research report on Friday. Bank of America decreased their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $50.22.

DraftKings Price Performance

NASDAQ DKNG opened at $40.13 on Friday. The company has a market cap of $35.26 billion, a PE ratio of -45.09 and a beta of 1.82. The firm’s 50 day moving average price is $37.66 and its 200-day moving average price is $37.95. 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 Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced 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). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. Sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated 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 in the company, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. 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 the business’s 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 sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by corporate insiders.

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.