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

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 666,651 shares of DraftKings 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 sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 transaction of $9,000,000.00.

DraftKings Trading Down 1.4 %

Shares of NASDAQ:DKNG opened at $42.74 on Friday. The stock has a 50 day moving average of $41.71 and a 200 day moving average of $39.63. The company has a market cap of $20.94 billion, a PE ratio of -40.32, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) 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, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DKNG shares. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC set a $65.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. Finally, Truist Financial increased their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company has an average 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.