Two Sigma Advisers LP Sells 271,800 Shares of DraftKings Inc. (NASDAQ:DKNG)

Two Sigma Advisers LP lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 50.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 269,380 shares of the company's stock after selling 271,800 shares during the quarter. Two Sigma Advisers LP's holdings in DraftKings were worth $10,560,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DKNG. Alta Advisers Ltd acquired a new stake in DraftKings during the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings during the 2nd quarter worth $39,000. St. Johns Investment Management Company LLC acquired a new stake in shares of DraftKings in the 2nd quarter valued at about $46,000. V Square Quantitative Management LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at about $46,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of DraftKings in the 2nd quarter valued at about $47,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Price Performance

DKNG traded down $0.78 during trading on Tuesday, hitting $41.70. 5,665,261 shares of the stock traded hands, compared to its average volume of 10,186,548. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a market cap of $36.72 billion, a price-to-earnings ratio of -49.11 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50 day moving average price of $39.84 and a 200 day moving average price of $37.89.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jason Robins sold 3,151 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. Morgan Stanley lifted their price target on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, October 22nd. Benchmark reissued a "buy" rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. Wells Fargo & Company lifted their price target on DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. BNP Paribas upgraded DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. raised their price objective on DraftKings from $48.00 to $54.00 and gave the company an "overweight" rating in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.04.

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.