DraftKings Inc. (NASDAQ:DKNG) CFO Sells $6,730,399.62 in Stock

DraftKings Inc. (NASDAQ:DKNG) CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

DraftKings Trading Up 2.6 %

NASDAQ DKNG opened at $43.86 on Friday. The company has a market capitalization of $21.49 billion, a PE ratio of -41.38, a P/E/G ratio of 1.43 and a beta of 1.93. The company has a fifty day moving average of $41.78 and a 200 day moving average of $39.73. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. Research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on DKNG. Benchmark boosted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Argus set a $60.00 price target on shares of DraftKings in a report on Tuesday, February 18th. Barclays lifted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Total Wealth Planning & Management Inc. acquired a new position in shares of DraftKings in the fourth quarter worth about $243,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of DraftKings in the fourth quarter worth about $1,728,000. Employees Retirement System of Texas acquired a new position in shares of DraftKings in the fourth quarter worth about $1,822,000. Bernard Wealth Management Corp. acquired a new position in shares of DraftKings in the fourth quarter worth about $94,000. Finally, Mackenzie Financial Corp raised its position in shares of DraftKings by 2,423.0% in the fourth quarter. Mackenzie Financial Corp now owns 321,456 shares of the company’s stock worth $11,958,000 after acquiring an additional 308,715 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.