Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells $137,730.21 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

DraftKings Trading Down 1.1 %

DraftKings stock opened at $43.09 on Monday. The firm has a market cap of $37.95 billion, a price-to-earnings ratio of -48.97 and a beta of 1.82. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The firm’s 50 day moving average price is $38.92 and its two-hundred day moving average price is $37.89. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. On average, research analysts predict that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. The Goldman Sachs Group lowered their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. UBS Group raised their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Truist Financial reiterated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. JPMorgan Chase & Co. raised their target price on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Finally, Barclays boosted their price target on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP increased its position in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares in the last quarter. FMR LLC boosted its stake in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA grew its position in DraftKings by 8.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares in the last quarter. Finally, Fred Alger Management LLC raised its stake in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.