R Stanton Dodge Sells 228,496 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

DraftKings Trading Down 0.4 %

Shares of NASDAQ:DKNG opened at $41.47 on Friday. The firm has a market capitalization of $36.52 billion, a P/E ratio of -47.13 and a beta of 1.87. The firm has a fifty day moving average of $40.06 and a two-hundred day moving average of $37.95. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. On average, equities analysts expect that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently bought and sold shares of DKNG. Marshall Wace LLP boosted its stake 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 purchasing an additional 3,269,932 shares during the period. Geode Capital Management LLC grew its stake in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after acquiring an additional 284,131 shares during the last quarter. FMR LLC increased its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA raised its stake in DraftKings by 8.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after purchasing an additional 441,975 shares during the last quarter. Finally, Fred Alger Management LLC boosted its holdings in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on DKNG. UBS Group boosted their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. TD Cowen boosted their target price on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $51.04.

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.