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

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction 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 approximately $124,498,580.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 Stock Performance

NASDAQ DKNG opened at $41.09 on Friday. The firm has a market cap of $35.61 billion, a price-to-earnings ratio of -23.48 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The business has a 50-day moving average price of $43.57 and a 200-day moving average price of $38.26. DraftKings Inc. has a twelve month low of $20.26 and a twelve month high of $49.57.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DKNG. The Goldman Sachs Group began coverage on DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective for the company. Susquehanna lifted their price objective on DraftKings from $51.00 to $54.00 and gave the company a “positive” rating in a research note on Monday, March 25th. UBS Group boosted their price target on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. JMP Securities restated a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. Finally, Barclays boosted their price target on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $47.31.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after buying an additional 2,225,759 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its position in shares of DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after buying an additional 2,022,000 shares in the last quarter. Norges Bank purchased a new stake in shares of DraftKings in the fourth quarter worth about $192,140,000. Ameriprise Financial Inc. lifted its position in shares of DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after buying an additional 781,058 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

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.