Sigma Planning Corp Sells 16,068 Shares of DraftKings Inc. (NASDAQ:DKNG)

Sigma Planning Corp lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 46.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 18,797 shares of the company’s stock after selling 16,068 shares during the quarter. Sigma Planning Corp’s holdings in DraftKings were worth $663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in DraftKings by 0.3% in the third quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock valued at $1,090,403,000 after purchasing an additional 109,406 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its position in DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares during the last quarter. Ameriprise Financial Inc. lifted its position in DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of DraftKings during the third quarter valued at approximately $107,276,000. Finally, Lord Abbett & CO. LLC bought a new position in shares of DraftKings during the third quarter valued at approximately $91,790,000. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other DraftKings news, insider Paul Liberman sold 510,000 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold 1,596,101 shares of company stock valued at $66,303,509 over the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Down 0.9 %

DraftKings stock opened at $40.85 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a one year low of $20.26 and a one year high of $49.57. The business’s fifty day moving average is $43.63 and its 200 day moving average is $38.24.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned ($0.53) earnings per share. The company’s quarterly revenue was up 43.9% on a year-over-year basis. Equities analysts anticipate that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on DKNG shares. Moffett Nathanson upped their target price on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Benchmark restated a “buy” rating and set a $50.00 target price on shares of DraftKings in a report on Wednesday. JPMorgan Chase & Co. restated an “overweight” rating and set a $55.00 target price on shares of DraftKings in a report on Thursday, March 28th. Barclays upped their target price on DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Mizuho started coverage on DraftKings in a report on Tuesday, March 26th. They set a “buy” rating and a $58.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.31.

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.