Bryn Mawr Capital Management LLC Purchases New Shares in DraftKings Inc. (NASDAQ:DKNG)

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

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings in the fourth quarter worth about $30,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings during the third quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of 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 purchasing an additional 320 shares during the last quarter. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 2.0 %

Shares of DKNG stock opened at $43.36 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a market cap of $21.24 billion, a price-to-earnings ratio of -40.91, a PEG ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm has a fifty day moving average price of $41.64 and a 200-day moving average price of $39.61.

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 the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,573,488 shares of company stock valued at $109,600,767. 48.94% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on DKNG. Stifel Nicolaus raised their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Truist Financial lifted their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. increased their price objective 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. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company upped their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.44.

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.