Fernbridge Capital Management LP Purchases New Stake in DraftKings Inc. (NASDAQ:DKNG)

Fernbridge Capital Management LP acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, HoldingsChannel reports. The fund acquired 1,323,130 shares of the company’s stock, valued at approximately $49,220,000. DraftKings makes up 2.6% of Fernbridge Capital Management LP’s investment portfolio, making the stock its 13th largest position.

Several other large investors also recently made changes to their positions in the business. Claro Advisors LLC boosted its position in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the period. Allworth Financial LP boosted its position in shares of DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after buying an additional 271 shares during the period. Westside Investment Management Inc. grew its stake in shares of DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after buying an additional 288 shares in the last quarter. Nvwm LLC raised its holdings in shares of DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after buying an additional 312 shares during the period. Finally, Amalgamated Bank lifted its position in DraftKings by 1.1% during the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company’s stock worth $1,113,000 after acquiring an additional 327 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the transaction, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. This trade represents a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,628,302 shares of company stock valued at $111,145,088. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on DKNG. Barclays dropped their price objective on shares of DraftKings from $60.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Guggenheim dropped their price target on shares of DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Finally, Piper Sandler reissued an “overweight” rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.75.

DraftKings Trading Down 1.1 %

Shares of NASDAQ:DKNG opened at $33.79 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week 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 company has a market cap of $29.84 billion, a PE ratio of -31.88, a P/E/G ratio of 1.43 and a beta of 2.16. The company’s 50-day moving average price is $37.56 and its 200 day moving average price is $39.53.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 return on equity of 48.13% and a negative net margin of 10.64%. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share 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.