Coastal Bridge Advisors LLC Sells 100,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Coastal Bridge Advisors LLC sold 100,000 shares of DraftKings, reducing its stake by 36.6%, leaving it with 172,880 shares valued at approximately $5.74 million.
• Multiple institutional investors increased their positions in DraftKings, with 37.70% of the company's stock currently owned by such investors.
• DraftKings has an average rating of "Moderate Buy" from analysts, with a target price of $54.38, and reports mixed price targets among major banks.

Coastal Bridge Advisors LLC lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 36.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 172,880 shares of the company's stock after selling 100,000 shares during the quarter. DraftKings comprises 1.5% of Coastal Bridge Advisors LLC's portfolio, making the stock its 17th largest holding. Coastal Bridge Advisors LLC's holdings in DraftKings were worth $5,741,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Beacon Pointe Advisors LLC lifted its position in DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after buying an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after buying an additional 217 shares during the last quarter. Snowden Capital Advisors LLC lifted its position in DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after buying an additional 296 shares during the last quarter. Obermeyer Wealth Partners lifted its position in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock worth $297,000 after buying an additional 297 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after purchasing an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DKNG shares. Bank of America lowered their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. Sanford C. Bernstein started coverage on DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price objective for the company. Mizuho lowered their price objective on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Finally, Northland Securities set a $50.00 price objective on DraftKings in a research report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.38.

DraftKings Stock Down 2.9%

DraftKings stock traded down $1.31 during mid-day trading on Friday, hitting $43.73. The company had a trading volume of 6,809,345 shares, compared to its average volume of 7,903,561. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The stock's 50 day moving average price is $40.55 and its two-hundred day moving average price is $39.25. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market capitalization of $38.89 billion, a PE ratio of -52.69, a price-to-earnings-growth ratio of 1.52 and a beta of 1.70.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director directly owned 5,947 shares of the company's stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the transaction, the chief financial officer directly owned 171,268 shares in the company, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 589,404 shares of company stock valued at $22,639,746. 51.19% of the stock is owned by insiders.

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.