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

Bryn Mawr Capital Management LLC purchased a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 23,495 shares of the company's stock, valued at approximately $874,000.

A number of other hedge funds have also recently modified their holdings of the company. Creative Planning grew its position in shares of DraftKings by 21.8% in the 3rd quarter. Creative Planning now owns 64,286 shares of the company's stock worth $2,520,000 after buying an additional 11,511 shares during the last quarter. Blue Trust Inc. boosted its holdings in DraftKings by 94.0% in the third quarter. Blue Trust Inc. now owns 10,104 shares of the company's stock valued at $386,000 after acquiring an additional 4,897 shares in the last quarter. Foundations Investment Advisors LLC increased its position in DraftKings by 14.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company's stock valued at $1,555,000 after purchasing an additional 4,870 shares during the period. Signaturefd LLC raised its holdings in DraftKings by 9.0% in the 3rd quarter. Signaturefd LLC now owns 5,610 shares of the company's stock worth $220,000 after purchasing an additional 464 shares in the last quarter. Finally, Eastern Bank purchased a new stake in shares of DraftKings in the 3rd quarter worth about $59,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on DKNG shares. Truist Financial boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, February 14th. Wells Fargo & Company lifted their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Stifel Nicolaus raised their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.69.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the business's stock in a transaction dated Monday, December 9th. The stock was 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 owns 541,884 shares of the company's stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,160,591 shares of company stock worth $46,945,158. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

Shares of DKNG stock traded down $3.87 on Friday, reaching $45.57. The stock had a trading volume of 16,259,512 shares, compared to its average volume of 10,188,783. The stock has a market cap of $22.33 billion, a P/E ratio of -42.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a 50 day simple moving average of $41.30 and a 200 day simple moving average of $39.18.

DraftKings (NASDAQ:DKNG - Get Free Report) 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 10.64% and a negative return on equity of 48.13%. Equities research analysts expect that DraftKings Inc. will post 0.49 EPS for the current year.

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.