Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 3,151 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

DraftKings Stock Performance

Shares of DraftKings stock opened at $43.09 on Friday. The firm has a fifty day moving average of $38.92 and a two-hundred day moving average of $37.93. The stock has a market capitalization of $37.95 billion, a price-to-earnings ratio of -48.97 and a beta of 1.82. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, equities research analysts predict that DraftKings Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Barclays lifted their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. TD Cowen lifted their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. 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. Finally, Macquarie lifted their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Three investment 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently made changes to their positions in the company. Anchor Investment Management LLC grew its holdings in shares of DraftKings by 11.9% in the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock valued at $369,000 after buying an additional 1,000 shares during the period. Westside Investment Management Inc. boosted its stake in DraftKings by 26.5% in the 3rd quarter. Westside Investment Management Inc. now owns 44,830 shares of the company’s stock worth $1,757,000 after purchasing an additional 9,385 shares during the period. First Dallas Securities Inc. boosted its stake in DraftKings by 2.0% in the 3rd quarter. First Dallas Securities Inc. now owns 78,316 shares of the company’s stock worth $3,070,000 after purchasing an additional 1,516 shares during the period. Geode Capital Management LLC boosted its stake in DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its stake in DraftKings by 7.7% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 124,989 shares of the company’s stock worth $4,900,000 after purchasing an additional 8,901 shares during the period. Institutional investors and hedge funds 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.