Bryn Mawr Capital Management LLC Invests $874,000 in DraftKings Inc. (NASDAQ:DKNG)

Bryn Mawr Capital Management LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 23,495 shares of the company’s stock, valued at approximately $874,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Private Advisor Group LLC increased its stake in shares of DraftKings by 28.6% in the fourth quarter. Private Advisor Group LLC now owns 102,544 shares of the company’s stock valued at $3,815,000 after purchasing an additional 22,836 shares during the period. Braun Stacey Associates Inc. grew its holdings in DraftKings by 2.7% in the 4th quarter. Braun Stacey Associates Inc. now owns 302,410 shares of the company’s stock worth $11,250,000 after buying an additional 8,070 shares in the last quarter. D.A. Davidson & CO. increased its position in DraftKings by 20.7% in the 4th quarter. D.A. Davidson & CO. now owns 28,924 shares of the company’s stock valued at $1,076,000 after acquiring an additional 4,952 shares during the period. CIBC Asset Management Inc raised its stake in DraftKings by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 14,436 shares of the company’s stock valued at $537,000 after acquiring an additional 746 shares in the last quarter. Finally, Highview Capital Management LLC DE boosted its position in DraftKings by 1.4% during the 4th quarter. Highview Capital Management LLC DE now owns 42,474 shares of the company’s stock worth $1,580,000 after acquiring an additional 580 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 532,095 shares of the 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 transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,160,591 shares of company stock worth $46,945,158 in the last three months. 51.19% of the stock is owned by insiders.

DraftKings Stock Down 2.6 %

DKNG stock opened at $49.44 on Friday. The company has a 50 day moving average of $41.30 and a two-hundred day moving average of $39.18. The company has a market cap of $24.22 billion, a price-to-earnings ratio of -46.64, a PEG ratio of 2.06 and a beta of 1.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 47.48% and a negative net margin of 10.64%. On average, equities analysts anticipate that DraftKings Inc. will post 0.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus upped their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a report on Tuesday. Finally, Susquehanna dropped their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $53.69.

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.