Coastal Bridge Advisors LLC Sells 250,080 Shares of DraftKings Inc. (NASDAQ:DKNG)

Coastal Bridge Advisors LLC lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 47.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 272,880 shares of the company's stock after selling 250,080 shares during the period. DraftKings makes up approximately 2.6% of Coastal Bridge Advisors LLC's holdings, making the stock its 7th largest holding. Coastal Bridge Advisors LLC owned approximately 0.06% of DraftKings worth $10,151,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DKNG. Norges Bank bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $276,328,000. FMR LLC boosted its position in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. acquired a new stake in DraftKings in the fourth quarter worth about $246,765,000. Eminence Capital LP acquired a new stake in DraftKings in the 4th quarter worth approximately $65,255,000. Finally, Contrarius Group Holdings Ltd acquired a new position in shares of DraftKings in the 4th quarter valued at $58,397,000. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Up 2.6 %

Shares of DraftKings stock traded up $0.91 during trading on Friday, hitting $36.26. 27,367,496 shares of the stock were exchanged, compared to its average volume of 9,833,235. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market cap of $32.02 billion, a price-to-earnings ratio of -34.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The firm's 50-day moving average price is $35.48 and its 200 day moving average price is $39.28.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. As a group, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 3,420 shares of the company's 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 sale, the director now owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Kalish sold 587,585 shares of the firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,681,079 shares of company stock worth $112,941,617. 51.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on DKNG shares. JMP Securities set a $57.00 price target on shares of DraftKings in a report on Wednesday, April 2nd. BMO Capital Markets reiterated an "outperform" rating and set a $65.00 price target on shares of DraftKings in a research report on Thursday, April 24th. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research report on Friday. Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company upped their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $55.18.

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.