Sigma Planning Corp Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

Sigma Planning Corp cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,826 shares of the company’s stock after selling 365 shares during the quarter. Sigma Planning Corp’s holdings in DraftKings were worth $403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in DraftKings by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares during the period. Baillie Gifford & Co. purchased a new stake in DraftKings during the 4th quarter valued at about $246,765,000. FMR LLC boosted its holdings in DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Fred Alger Management LLC boosted its holdings in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted its holdings in DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after buying an additional 236,427 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Down 1.4 %

Shares of NASDAQ:DKNG opened at $42.74 on Friday. The stock’s fifty day moving average price is $41.71 and its 200-day moving average price is $39.63. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market cap of $20.94 billion, a P/E ratio of -40.32, a PEG ratio of 1.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) 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 expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DKNG. TD Cowen dropped their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price objective on DraftKings in a report on Tuesday, February 18th. Canaccord Genuity Group increased their price objective on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Barclays increased their price objective on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $54.44.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,573,488 shares of company stock worth $109,600,767 over the last three months. 48.94% of the stock is currently owned by company insiders.

DraftKings 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.