Jason Robins Sells 3,151 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred 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. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

DraftKings Trading Down 1.1 %

Shares of NASDAQ DKNG opened at $43.09 on Monday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The company has a 50-day moving average of $38.92 and a two-hundred day moving average of $37.89. The company has a market cap of $37.95 billion, a PE ratio of -48.97 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, equities analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research analyst reports. Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. TD Cowen increased their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. JMP Securities raised their price objective on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Monday, November 11th. Finally, Oppenheimer decreased their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares during the period. Fred Alger Management LLC boosted its stake in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the last quarter. Blue Whale Capital LLP acquired a new stake in DraftKings during the 2nd quarter worth $39,306,000. Finally, Kodai Capital Management LP bought a new stake in shares of DraftKings during the 1st quarter valued at $41,276,000. Institutional investors 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.