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

Bridges Investment Management Inc. decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 22.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,377 shares of the company’s stock after selling 2,098 shares during the period. Bridges Investment Management Inc.’s holdings in DraftKings were worth $274,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the fourth quarter worth about $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the fourth quarter valued at approximately $30,000. Delos Wealth Advisors LLC purchased a new position in DraftKings during the third quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV grew its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares in the last quarter. Finally, YANKCOM Partnership purchased a new position in DraftKings during the fourth quarter valued at approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 5.2 %

NASDAQ:DKNG opened at $41.59 on Tuesday. The company has a fifty day moving average of $41.85 and a 200 day moving average of $39.89. DraftKings Inc. has a 52 week low of $28.69 and a 52 week 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 firm has a market capitalization of $20.38 billion, a P/E ratio of -39.24, a P/E/G ratio of 1.43 and a beta of 1.93.

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

Analysts Set New Price Targets

DKNG has been the subject of several recent analyst reports. Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Barclays boosted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Wells Fargo & Company boosted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Truist Financial boosted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,573,488 shares of company stock worth $109,600,767 in the last three months. 51.19% of the stock is owned by 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.