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 fourth quarter, HoldingsChannel reports. The fund bought 764 shares of the company’s stock, valued at approximately $28,000.

Other institutional investors also recently modified their holdings of the company. Synergy Asset Management LLC bought a new stake in DraftKings during the 4th quarter worth $30,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings during the third quarter worth about $43,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings during the third quarter worth about $46,000. Creative Financial Designs Inc. ADV raised its holdings in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares during the last quarter. Finally, YANKCOM Partnership acquired a new stake in DraftKings during the 4th quarter worth approximately $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were 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 of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,163,742 shares of company stock valued at $47,082,888 over the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Up 15.2 %

DraftKings stock opened at $53.49 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm’s fifty day moving average price is $40.36 and its two-hundred day moving average price is $38.62. The firm has a market capitalization of $26.08 billion, a price-to-earnings ratio of -60.78, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities research analysts predict that DraftKings Inc. will post -0.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Mizuho raised their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Benchmark lifted their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Canaccord Genuity Group increased their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.58.

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.