Two Sigma Advisers LP Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

Two Sigma Advisers LP reduced its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 91.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,480 shares of the company's stock after selling 245,900 shares during the quarter. Two Sigma Advisers LP's holdings in DraftKings were worth $873,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of DKNG. Vestmark Advisory Solutions Inc. increased its holdings in DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after buying an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $874,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after purchasing an additional 6,059 shares during the last quarter. Scholtz & Company LLC purchased a new position in shares of DraftKings in the 4th quarter valued at $1,806,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of DraftKings by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock valued at $120,576,000 after buying an additional 66,042 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Down 3.2%

NASDAQ:DKNG traded down $1.11 during trading hours on Thursday, reaching $33.73. The company's stock had a trading volume of 10,640,923 shares, compared to its average volume of 9,728,977. 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 Inc. has a one year low of $28.69 and a one year high of $53.61. The business's 50-day moving average is $34.52 and its 200-day moving average is $38.91. The company has a market cap of $30.00 billion, a price-to-earnings ratio of -31.82, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer now directly owns 171,268 shares of the company's stock, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director now owns 5,947 shares of the company's stock, valued at approximately $209,810.16. This represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,127,504 shares of company stock worth $42,687,810 over the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on DKNG shares. Northland Securities set a $50.00 price objective on shares of DraftKings in a research note on Friday, April 25th. Barclays decreased their target price on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. Piper Sandler reaffirmed an "overweight" rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Stifel Nicolaus dropped their price objective on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, BMO Capital Markets reissued an "outperform" rating and set a $65.00 target price on shares of DraftKings in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. According to MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and a consensus price target of $54.41.

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.