Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 88,441 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Wednesday, September 25th, Paul Liberman sold 643,654 shares of DraftKings stock. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96.
• On Monday, August 26th, Paul Liberman sold 88,441 shares of DraftKings stock. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24.

DraftKings Price Performance

DKNG traded down $0.31 on Friday, hitting $36.47. 8,744,120 shares of the company were exchanged, compared to its average volume of 10,305,675. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The business’s fifty day moving average is $37.20 and its 200 day moving average is $38.45. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The firm has a market capitalization of $31.70 billion, a P/E ratio of -31.24 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on DKNG shares. Wells Fargo & Company lifted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Susquehanna boosted their price target on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Morgan Stanley boosted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday. JMP Securities reissued a “market outperform” rating and issued a $51.00 price target on shares of DraftKings in a research report on Monday, October 14th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

Institutional Trading of DraftKings

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 1.9% in the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after buying an additional 441,975 shares during the period. Lord Abbett & CO. LLC lifted its stake in shares of DraftKings by 20.6% during the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after buying an additional 663,427 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares during the period. 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.