DraftKings Inc. (NASDAQ:DKNG) Insider Sells $7,800,000.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 200,000 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, December 26th, Paul Liberman sold 532,095 shares of DraftKings stock. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50.
• On Friday, October 25th, Paul Liberman sold 88,441 shares of DraftKings stock. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81.

DraftKings Price Performance

NASDAQ:DKNG traded up $1.14 during trading hours on Friday, hitting $39.49. The company’s stock had a trading volume of 11,448,507 shares, compared to its average volume of 9,001,050. The business’s 50-day moving average is $40.49 and its two-hundred day moving average is $37.90. The company has a market capitalization of $34.78 billion, a PE ratio of -44.87 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, research analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Analysts Set New Price Targets

DKNG has been the topic of several recent analyst reports. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley increased their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Mizuho increased their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its stake in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after buying an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC acquired a new stake in DraftKings in the 3rd quarter worth about $28,028,000. Janney Montgomery Scott LLC boosted its stake in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after buying an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after buying an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after buying an additional 350,215 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.