Newbridge Financial Services Group Inc. Sells 6,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Newbridge Financial Services Group Inc. decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 77.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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.

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

DraftKings Price Performance

NASDAQ:DKNG opened at $42.84 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market cap of $20.89 billion, a PE ratio of -48.68, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company’s 50-day moving average price is $40.35 and its two-hundred day moving average price is $38.41.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 963,742 shares of company stock worth $38,082,888. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DKNG. TD Cowen dropped their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday. Finally, Mizuho increased their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.92.

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.