Jason Robins Sells 200,000 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Jason Robins also recently made the following trade(s):

• On Thursday, August 8th, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00.

DraftKings Trading Up 3.2 %

Shares of NASDAQ DKNG traded up $1.12 during trading hours on Friday, reaching $36.37. The stock had a trading volume of 7,156,839 shares, compared to its average volume of 10,906,435. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The firm has a market cap of $31.61 billion, a price-to-earnings ratio of -30.82 and a beta of 1.81. The business’s fifty day moving average price is $36.40 and its two-hundred day moving average price is $40.34. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51.

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. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.17) EPS. Analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DKNG. Deutsche Bank Aktiengesellschaft boosted their price target on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, May 6th. Oppenheimer reduced their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 price target (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. UBS Group lifted their price target on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Finally, Guggenheim lowered their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.56.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. LRI Investments LLC purchased a new stake in DraftKings during the first quarter worth $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings in the 1st quarter worth $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $26,000. Concord Wealth Partners boosted its position in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new position in DraftKings in the fourth quarter valued at about $29,000. 37.70% of the stock is currently owned by institutional investors.

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.