DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Signature Estate & Investment Advisors LLC

Signature Estate & Investment Advisors LLC cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,445 shares of the company’s stock after selling 925 shares during the period. Signature Estate & Investment Advisors LLC’s holdings in DraftKings were worth $203,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in DKNG. EntryPoint Capital LLC acquired a new stake in shares of DraftKings in the 4th quarter worth $451,000. Congress Wealth Management LLC DE raised its holdings in DraftKings by 8.6% during the fourth quarter. Congress Wealth Management LLC DE now owns 14,630 shares of the company’s stock worth $544,000 after purchasing an additional 1,160 shares in the last quarter. Vanguard Group Inc. lifted its position in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after purchasing an additional 584,452 shares during the period. Stevens Capital Management LP purchased a new stake in DraftKings in the 4th quarter valued at approximately $323,000. Finally, Mosley Wealth Management acquired a new position in DraftKings during the 4th quarter worth approximately $220,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Down 1.7 %

Shares of DraftKings stock opened at $37.04 on Friday. The stock has a market capitalization of $18.15 billion, a price-to-earnings ratio of -34.94, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s 50 day simple moving average is $42.09 and its 200-day simple moving average is $40.33.

DraftKings (NASDAQ:DKNG) 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 net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on the company. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Piper Sandler reissued an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.44.

Insider Activity

In other news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the transaction, the insider now owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. Company insiders own 51.19% of the company’s stock.

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.