DraftKings Inc. (NASDAQ:DKNG) Insider Jason Robins Sells 200,000 Shares

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, August 8th, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00.

DraftKings Price Performance

NASDAQ:DKNG traded up $1.12 during trading hours on Friday, hitting $36.37. 7,156,839 shares of the company’s stock traded hands, compared to its average volume of 10,906,435. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The business’s fifty day simple moving average is $36.40 and its two-hundred day simple moving average is $40.34. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a market cap of $31.61 billion, a P/E ratio of -30.82 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company posted ($0.17) EPS. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently bought and sold shares of DKNG. Transcendent Capital Group LLC bought a new stake in DraftKings during the fourth quarter worth about $26,000. Montag A & Associates Inc. purchased a new position in shares of DraftKings during the 4th quarter valued at about $29,000. LRI Investments LLC purchased a new position in shares of DraftKings during the 1st quarter valued at about $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings in the 1st quarter worth approximately $33,000. Finally, Concord Wealth Partners boosted its stake in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DKNG. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price objective (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. UBS Group increased their price target on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Guggenheim lowered their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Macquarie dropped their price objective on shares of DraftKings from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, Oppenheimer reduced their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.56.

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.