Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 587,585 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

DraftKings Stock Performance

DraftKings stock traded down $1.30 during mid-day trading on Monday, reaching $44.27. The company’s stock had a trading volume of 11,800,294 shares, compared to its average volume of 10,235,185. The firm’s fifty day moving average price is $41.52 and its two-hundred day moving average price is $39.50. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a market capitalization of $21.69 billion, a P/E ratio of -41.76, a PEG ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DKNG. Argus set a $60.00 price target on DraftKings in a research report on Tuesday, February 18th. Canaccord Genuity Group increased their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Piper Sandler reissued an “overweight” rating and set a $60.00 price target (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Stifel Nicolaus upped their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Three investment 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently modified their holdings of DKNG. Vanguard Group Inc. grew its stake in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after purchasing an additional 707,504 shares during the period. FMR LLC grew its position in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after purchasing an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after buying an additional 89,988 shares in the last quarter. 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.