Sigma Planning Corp Sells 11,791 Shares of DraftKings Inc. (NASDAQ:DKNG)

Sigma Planning Corp reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 51.3% during the third quarter, Holdings Channel reports. The firm owned 11,191 shares of the company’s stock after selling 11,791 shares during the period. Sigma Planning Corp’s holdings in DraftKings were worth $439,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DKNG. LRI Investments LLC bought a new position in shares of DraftKings during the 1st quarter worth approximately $31,000. Alta Advisers Ltd bought a new stake in DraftKings during the second quarter worth $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the second quarter worth $39,000. St. Johns Investment Management Company LLC bought a new position in DraftKings in the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC bought a new position in DraftKings in the 3rd quarter valued at $46,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This trade represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,020,536 shares of company stock worth $39,966,465 over the last three months. 51.19% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on DKNG shares. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. TD Cowen boosted their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company raised their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Truist Financial reiterated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Finally, JMP Securities raised their target price on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

DraftKings Trading Down 3.2 %

Shares of DKNG stock opened at $39.84 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The business’s fifty day moving average is $38.35 and its 200 day moving average is $37.94. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. The company has a market capitalization of $35.00 billion, a PE ratio of -45.27 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, equities research analysts anticipate that DraftKings Inc. will post -0.73 EPS for the current fiscal 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.