DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sippican Capital Advisors

by · The Cerbat Gem

Sippican Capital Advisors decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,399 shares of the company’s stock after selling 815 shares during the quarter. Sippican Capital Advisors’ holdings in DraftKings were worth $1,010,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in DKNG. Raiffeisen Bank International AG purchased a new stake in shares of DraftKings during the fourth quarter valued at $25,000. FNY Investment Advisers LLC acquired a new stake in DraftKings during the 1st quarter worth about $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings during the 1st quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings in the fourth quarter valued at approximately $28,000. Finally, GPS Wealth Strategies Group LLC raised its holdings in shares of DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after purchasing an additional 564 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on DKNG shares. Truist Financial decreased their price target on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Guggenheim decreased their target price on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Cfra Research raised shares of DraftKings to a “moderate buy” rating in a report on Monday, April 14th. JMP Securities lowered their target price on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a research note on Thursday, June 5th. Finally, Northland Securities set a $50.00 price objective on DraftKings in a research note on Friday, April 25th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.14.

View Our Latest Stock Report on DKNG

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the sale, the insider owned 504,381 shares of the company’s stock, valued at $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 5,947 shares in the company, valued at approximately $209,810.16. This represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 536,627 shares of company stock valued at $19,748,622. Corporate insiders own 47.08% of the company’s stock.

DraftKings Stock Down 2.1%

Shares of DraftKings stock opened at $41.99 on Wednesday. The firm has a market cap of $37.34 billion, a price-to-earnings ratio of -50.59, a P/E/G ratio of 1.10 and a beta of 1.67. The stock has a 50-day simple moving average of $36.75 and a 200-day simple moving average of $38.46. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

About DraftKings

(Free Report)

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.

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