Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 643,654 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the sale, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Paul Liberman also recently made the following trade(s):

• On Friday, January 10th, Paul Liberman sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00.

DraftKings Trading Down 1.7 %

NASDAQ:DKNG traded down $0.64 during trading hours on Thursday, hitting $37.04. 6,960,042 shares of the stock were exchanged, compared to its average volume of 9,480,452. The company has a market capitalization of $18.15 billion, a P/E ratio of -34.94, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. 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 company’s 50 day moving average is $42.09 and its two-hundred day moving average is $40.33. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DKNG. 111 Capital acquired a new position in DraftKings in the fourth quarter valued at approximately $438,000. Thoma Capital Management LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $902,000. Siemens Fonds Invest GmbH acquired a new position in shares of DraftKings in the 4th quarter valued at $665,000. Total Wealth Planning & Management Inc. bought a new position in shares of DraftKings in the 4th quarter worth $243,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of DraftKings during the fourth quarter worth $1,728,000. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Truist Financial upped their target price on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Benchmark increased their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Stifel Nicolaus upped their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

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.