Bryce Point Capital LLC Acquires New Shares in DraftKings Inc. (NASDAQ:DKNG)

Bryce Point Capital LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 42,323 shares of the company's stock, valued at approximately $1,574,000.

Several other hedge funds also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its position in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. grew its stake in shares of DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after buying an additional 26,164 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of DraftKings by 2.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company's stock valued at $58,038,000 after buying an additional 35,466 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of DraftKings by 27.7% in the 3rd quarter. Stifel Financial Corp now owns 195,628 shares of the company's stock valued at $7,669,000 after buying an additional 42,431 shares during the period. Finally, Bryn Mawr Capital Management LLC acquired a new position in DraftKings during the 4th quarter worth about $874,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

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DraftKings Stock Performance

Shares of NASDAQ DKNG traded up $0.73 during mid-day trading on Monday, hitting $32.40. 11,408,184 shares of the company were exchanged, compared to its average volume of 9,659,677. The stock has a 50 day simple moving average of $41.21 and a 200-day simple moving average of $40.17. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market cap of $16.20 billion, a price-to-earnings ratio of -30.87, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares of the company's stock, valued at approximately $67,704. This represents a 67.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock worth $117,241,446 over the last 90 days. Company insiders own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on DKNG shares. JMP Securities set a $57.00 target price on DraftKings in a research report on Wednesday, April 2nd. Citigroup reaffirmed an "outperform" rating on shares of DraftKings in a research note on Wednesday, April 2nd. Canaccord Genuity Group lifted their target price on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Finally, TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.69.

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.