DraftKings Inc. (NASDAQ:DKNG) Insider Sells $2,058,303.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the completion of the sale, the insider now directly owns 653,843 shares of the company’s stock, valued at $25,499,877. This trade represents a 7.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

R Stanton Dodge also recently made the following trade(s):

• On Friday, March 14th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74.

DraftKings Trading Down 0.3 %

DraftKings stock opened at $38.44 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $18.83 billion, a price-to-earnings ratio of -36.26, a PEG ratio of 1.43 and a beta of 2.07. The firm has a 50-day moving average price of $42.17 and a two-hundred day moving average price of $40.19.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on DKNG shares. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Piper Sandler restated an “overweight” rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. BTIG Research set a $59.00 price target on shares of DraftKings in a research report on Monday, February 3rd. Finally, Truist Financial lifted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.44.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Janus Henderson Group PLC lifted its holdings in DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after purchasing an additional 9,352,019 shares during the period. Norges Bank bought a new stake in shares of DraftKings during the 4th quarter worth about $276,328,000. FMR LLC lifted its stake in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new position in shares of DraftKings in the fourth quarter valued at approximately $246,765,000. Finally, Eminence Capital LP acquired a new position in shares of DraftKings during the fourth quarter valued at approximately $65,255,000. 37.70% of the stock is owned by institutional investors and hedge funds.

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.