DraftKings Inc. (NASDAQ:DKNG) Insider Jason Robins Sells 3,151 Shares

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

DraftKings Stock Performance

NASDAQ:DKNG traded down $0.46 during mid-day trading on Friday, hitting $43.09. 7,612,666 shares of the company traded hands, compared to its average volume of 10,335,460. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock’s fifty day moving average price is $38.92 and its 200-day moving average price is $37.97. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The firm has a market cap of $37.95 billion, a price-to-earnings ratio of -48.97 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Research analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on DKNG. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Barclays raised their price target on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Mizuho lifted their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of DraftKings in a report on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently modified their holdings of DKNG. Marshall Wace LLP lifted its holdings in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. lifted its stake in DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after acquiring an additional 1,493,995 shares during the period. Fred Alger Management LLC grew its holdings in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new position in DraftKings during the 2nd quarter valued at about $39,306,000. Finally, Kodai Capital Management LP purchased a new position in DraftKings during the first quarter valued at approximately $41,276,000. 37.70% of the stock is owned by institutional investors.

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.