Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 200,000 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 transaction of $8,178,000.00.

DraftKings Stock Down 0.9 %

NASDAQ:DKNG traded down $0.36 during midday trading on Wednesday, reaching $40.85. 6,680,192 shares of the stock traded hands, compared to its average volume of 11,689,692. DraftKings Inc. has a 12-month low of $20.26 and a 12-month high of $49.57. The business has a 50-day moving average of $43.63 and a two-hundred day moving average of $38.24. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $35.40 billion, a PE ratio of -23.34 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the company earned ($0.53) EPS. The company’s revenue was up 43.9% on a year-over-year basis. On average, equities analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DKNG. CWM LLC increased its stake in DraftKings by 4.3% during the 3rd quarter. CWM LLC now owns 14,345 shares of the company’s stock valued at $422,000 after purchasing an additional 589 shares in the last quarter. DnB Asset Management AS acquired a new position in DraftKings during the 3rd quarter valued at approximately $1,600,000. Arkadios Wealth Advisors increased its stake in DraftKings by 6.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 8,928 shares of the company’s stock valued at $263,000 after purchasing an additional 520 shares in the last quarter. Impact Partnership Wealth LLC acquired a new position in DraftKings during the 3rd quarter valued at approximately $50,000. Finally, Newbridge Financial Services Group Inc. increased its stake in DraftKings by 227.6% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 11,105 shares of the company’s stock valued at $327,000 after purchasing an additional 7,715 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DKNG. BMO Capital Markets upped their price target on shares of DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Truist Financial reiterated a “buy” rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Wells Fargo & Company upped their price target on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 20th. Oppenheimer upped their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Finally, Needham & Company LLC upped their target price on shares of DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.