Jason Robins Sells 3,151 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

DraftKings Trading Down 1.1 %

Shares of NASDAQ:DKNG opened at $43.09 on Friday. The company has a market cap of $37.95 billion, a P/E ratio of -48.97 and a beta of 1.82. The stock’s 50-day moving average is $38.92 and its 200-day moving average is $37.93. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. 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 (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DKNG. Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Wells Fargo & Company raised their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a research report on Tuesday, September 10th. Three research 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 has an average rating of “Moderate Buy” and an average price target of $50.85.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC grew its position in DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after buying an additional 273 shares in the last quarter. Hexagon Capital Partners LLC grew its position in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after buying an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV grew its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. Brown Lisle Cummings Inc. grew its position in DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its position in DraftKings by 18.3% during the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after buying an additional 329 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.