DraftKings Inc. (NASDAQ:DKNG) Insider Sells $27,645,874.25 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

DraftKings Price Performance

DraftKings stock opened at $44.27 on Tuesday. The company has a market capitalization of $21.69 billion, a price-to-earnings ratio of -41.76, a PEG ratio of 1.43 and a beta of 1.93. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock’s 50 day moving average is $41.52 and its 200-day moving average is $39.50.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently modified their holdings of DKNG. Raiffeisen Bank International AG acquired a new stake in DraftKings in the 4th quarter worth about $25,000. Stonebridge Financial Group LLC bought a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the fourth quarter valued at approximately $30,000. Finally, Synergy Investment Management LLC acquired a new stake in DraftKings during the fourth quarter worth approximately $37,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on DKNG shares. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Needham & Company LLC set a $65.00 target price on DraftKings in a research report on Tuesday, February 18th. Barclays increased their price target on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, JMP Securities reiterated a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Company Profile

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.