Stonebridge Financial Group LLC Acquires New Holdings in DraftKings Inc. (NASDAQ:DKNG)

Stonebridge Financial Group LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 764 shares of the company’s stock, valued at approximately $28,000.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the period. Mizuho Securities USA LLC acquired a new position in shares of DraftKings during the third quarter worth about $28,028,000. Janney Montgomery Scott LLC grew its holdings in shares of DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after buying an additional 128,676 shares in 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 valued at $124,470,000 after acquiring an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Morgan Stanley increased their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. TD Cowen decreased their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Barclays upped their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average target price of $51.58.

DraftKings Trading Up 15.2 %

DKNG stock opened at $53.49 on Friday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50-day simple moving average is $40.36 and its 200 day simple moving average is $38.62. The company has a market capitalization of $26.08 billion, a PE ratio of -60.78, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.95 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,163,742 shares of company stock valued at $47,082,888 in the last three months. Corporate insiders own 51.19% of the company’s stock.

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.