Signaturefd LLC Trims Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Signaturefd LLC lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,146 shares of the company’s stock after selling 691 shares during the quarter. Signaturefd LLC’s holdings in DraftKings were worth $196,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DKNG. Norges Bank acquired a new position in DraftKings in the 4th quarter worth approximately $192,140,000. First Trust Advisors LP lifted its stake in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares during the period. Eagle Asset Management Inc. acquired a new stake in DraftKings during the fourth quarter valued at $87,829,000. Vanguard Group Inc. increased its holdings in DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after buying an additional 2,225,759 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after acquiring an additional 1,723,819 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on DKNG shares. BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. UBS Group upped their price objective on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Berenberg Bank upgraded shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. Wells Fargo & Company reduced their price target on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Finally, Bank of America lowered their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.56.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the transaction, the director now directly owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,471,987 shares of company stock valued at $54,373,654. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Up 1.8 %

Shares of DKNG stock opened at $34.50 on Monday. The company has a 50-day moving average of $35.59 and a two-hundred day moving average of $40.01. The firm has a market cap of $30.31 billion, a PE ratio of -29.24 and a beta of 1.81. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned ($0.17) EPS. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, analysts predict that DraftKings Inc. will post -0.31 EPS for the current year.

DraftKings Company 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.