Insider Selling: DraftKings Inc. (NASDAQ:DKNG) CFO Sells 158,661 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

DraftKings Trading Up 2.0 %

NASDAQ DKNG opened at $43.36 on Thursday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The firm has a 50 day moving average of $41.64 and a two-hundred day moving average of $39.61. 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 stock has a market capitalization of $21.24 billion, a PE ratio of -40.91, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently added to or reduced their stakes in DKNG. Raiffeisen Bank International AG purchased a new position in DraftKings in the fourth quarter valued at approximately $25,000. Stonebridge Financial Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings in the 4th quarter valued at $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter worth $30,000. Finally, Synergy Investment Management LLC acquired a new stake in DraftKings during the 4th quarter worth $37,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DKNG. Piper Sandler restated an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Macquarie increased their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Canaccord Genuity Group boosted their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Argus set a $60.00 price objective on shares of DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target 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.