Insider Selling: DraftKings (NASDAQ:DKNG) Director Sells $258,753.95 in Stock

DraftKings Inc. (NASDAQ:DKNG) Director Jocelyn Moore sold 10,759 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the sale, the director owned 1,881 shares of the company’s stock, valued at $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Stock Performance

NASDAQ:DKNG opened at $26.17 on Friday. The firm has a market capitalization of $12.99 billion, a PE ratio of -68.87 and a beta of 1.66. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22. The firm’s fifty day simple moving average is $25.08 and its 200 day simple moving average is $24.59.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business’s revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Ascentis Independent Advisors acquired a new stake in DraftKings during the first quarter worth about $27,000. Basecamp Wealth Advisors LLC raised its holdings in DraftKings by 3,547.1% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after acquiring an additional 1,206 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after acquiring an additional 885 shares during the period. Montag A & Associates Inc. lifted its position in shares of DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the period. Finally, SHP Wealth Management acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Morgan Stanley decreased their target price on DraftKings from $39.00 to $36.00 and set an “overweight” rating for the company in a research note on Thursday, July 23rd. BNP Paribas Exane initiated coverage on DraftKings in a research report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price target on the stock. Moffett Nathanson cut their price target on DraftKings from $27.00 to $25.00 in a report on Wednesday, July 15th. BTIG Research upped their price target on DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Benchmark increased their price objective on DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $34.11.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.