DraftKings Inc. (NASDAQ:DKNG) Insider Sells $8,182,000.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, February 21st, Jason Robins sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00.

DraftKings Price Performance

NASDAQ:DKNG opened at $43.13 on Friday. The business’s 50-day moving average price is $43.54 and its 200 day moving average price is $38.35. The firm has a market cap of $37.38 billion, a P/E ratio of -24.65 and a beta of 1.86. DraftKings Inc. has a 52-week low of $20.26 and a 52-week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. DraftKings’s revenue was up 43.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.53) earnings per share. As a group, sell-side analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Norges Bank purchased a new position in DraftKings in the 4th quarter worth about $192,140,000. Massachusetts Financial Services Co. MA purchased a new position in DraftKings in the 3rd quarter worth about $107,276,000. Ameriprise Financial Inc. increased its stake in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in DraftKings during the 3rd quarter valued at about $91,790,000. Finally, First Trust Advisors LP grew its stake in DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after acquiring an additional 2,528,503 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on DKNG shares. Bank Of America (Bofa) upped their price target on DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Piper Sandler raised their price objective on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Benchmark restated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday. The Goldman Sachs Group started coverage on DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective on the stock. Finally, BMO Capital Markets raised their price objective on DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.31.

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.