Matthew Kalish Sells 587,585 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $42.51 on Wednesday. The stock has a market cap of $20.83 billion, a price-to-earnings ratio of -40.10, a PEG ratio of 1.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock’s 50 day moving average price is $41.55 and its 200 day moving average price is $39.58.

DraftKings (NASDAQ:DKNG) last issued its quarterly 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%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning grew its stake in shares of DraftKings by 21.8% in the 3rd quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after purchasing an additional 11,511 shares during the last quarter. Signaturefd LLC boosted its holdings in DraftKings by 9.0% during the third quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock worth $220,000 after buying an additional 464 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in DraftKings by 4,495.7% during the third quarter. International Assets Investment Management LLC now owns 272,479 shares of the company’s stock worth $10,681,000 after buying an additional 266,550 shares in the last quarter. Assenagon Asset Management S.A. grew its position in DraftKings by 264.4% in the third quarter. Assenagon Asset Management S.A. now owns 133,734 shares of the company’s stock worth $5,242,000 after buying an additional 97,031 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC increased its holdings in shares of DraftKings by 42.6% in the third quarter. Mount Yale Investment Advisors LLC now owns 20,812 shares of the company’s stock valued at $816,000 after buying an additional 6,221 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on DKNG shares. JMP Securities reiterated a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating 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. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Piper Sandler reissued an “overweight” rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three equities 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 stock presently 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.