DraftKings Inc. (NASDAQ:DKNG) Position Reduced by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 77.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,725 shares of the company’s stock after selling 6,000 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in DraftKings were worth $64,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of DKNG. Principal Financial Group Inc. boosted its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC acquired a new stake in DraftKings in the 3rd quarter valued at about $28,028,000. Janney Montgomery Scott LLC boosted its position in shares of DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Paul Liberman sold 532,095 shares of the 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 owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were 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 directly 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 sold a total of 963,742 shares of company stock worth $38,082,888 in the last three months. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $42.84 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The business’s 50-day moving average price is $40.35 and its two-hundred day moving average price is $38.41. The company has a market capitalization of $20.89 billion, a P/E ratio of -48.68, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DKNG shares. BMO Capital Markets restated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. JMP Securities reduced their price objective on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. boosted their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

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.