DraftKings Inc. (NASDAQ:DKNG) Insider Sells $28,279,335.42 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Jason Robins also recently made the following trade(s):

• On Wednesday, February 12th, Jason Robins sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00.

DraftKings Price Performance

NASDAQ:DKNG opened at $43.36 on Thursday. The company has a 50-day moving average of $41.64 and a 200-day moving average of $39.61. The company has a market capitalization of $21.24 billion, a price-to-earnings ratio of -40.91, a PEG ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. 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 (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on DKNG. Stifel Nicolaus raised their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Susquehanna dropped their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Benchmark lifted their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Morgan Stanley lifted their price target on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.44.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently made changes to their positions in DKNG. Janus Henderson Group PLC increased its position in shares of DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Norges Bank acquired a new stake in shares of DraftKings during the 4th quarter worth about $276,328,000. FMR LLC increased its position in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. acquired a new stake in shares of DraftKings during the 4th quarter worth about $246,765,000. Finally, Eminence Capital LP acquired a new stake in shares of DraftKings during the 4th quarter worth about $65,255,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.