Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 210,000 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total value of $8,528,100.00. Following the completion of the transaction, the insider now directly owns 4,140,509 shares of the company’s stock, valued at $168,146,070.49. This represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Matthew Kalish also recently made the following trade(s):

• On Friday, February 21st, Matthew Kalish sold 587,585 shares of DraftKings stock. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $43.41 on Thursday. The stock has a market cap of $21.27 billion, a price-to-earnings ratio of -40.95, a PEG ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm’s 50-day simple moving average is $42.00 and its 200 day simple moving average is $39.97.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raiffeisen Bank International AG bought a new position in shares of DraftKings during the 4th quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC bought a new stake in DraftKings during the fourth quarter worth $28,000. Synergy Asset Management LLC purchased a new position in DraftKings in the fourth quarter worth $30,000. Finally, Synergy Investment Management LLC bought a new position in DraftKings in the 4th quarter valued at $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 target price (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Barclays upped their price target on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. TD Cowen lowered their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

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.