Bridges Investment Management Inc. Trims Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Bridges Investment Management Inc. reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 22.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,377 shares of the company’s stock after selling 2,098 shares during the quarter. Bridges Investment Management Inc.’s holdings in DraftKings were worth $274,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in DKNG. Baillie Gifford & Co. purchased a new stake in shares of DraftKings in the 4th quarter worth about $246,765,000. Fred Alger Management LLC grew its position in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. FMR LLC grew its position in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the period. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings in the 3rd quarter worth about $28,028,000. Finally, Blue Whale Capital LLP grew its position in shares of DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after buying an additional 615,011 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Benchmark upped their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Canaccord Genuity Group increased their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus increased their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Finally, TD Cowen cut their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,573,488 shares of company stock worth $109,600,767 in the last quarter. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $41.59 on Tuesday. The firm’s 50 day moving average price is $41.85 and its 200-day moving average price is $39.89. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $20.38 billion, a PE ratio of -39.24, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

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.