DraftKings (NASDAQ:DKNG) Insider Sells $1,785,973.68 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $33.84, for a total value of $1,785,973.68. Following the completion of the sale, the insider directly owned 512,182 shares of the company’s stock, valued at $17,332,238.88. This represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

R Stanton Dodge also recently made the following trade(s):

• On Thursday, November 6th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The stock was sold at an average price of $29.00, for a total transaction of $1,530,533.00.
• On Friday, October 17th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $34.57, for a total transaction of $1,824,500.89.

DraftKings Price Performance

Shares of DraftKings stock opened at $35.19 on Friday. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The company has a market cap of $17.52 billion, a PE ratio of -61.74, a price-to-earnings-growth ratio of 2.86 and a beta of 1.60. The firm has a fifty day moving average price of $32.69 and a two-hundred day moving average price of $38.91. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the firm posted ($0.60) EPS. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DKNG. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the stock a “hold” rating in a report on Friday, August 8th. Citigroup assumed coverage on shares of DraftKings in a report on Friday, November 21st. They issued a “buy” rating and a $48.00 price target on the stock. JMP Securities dropped their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Macquarie decreased their target price on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Finally, JPMorgan Chase & Co. lowered their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.38.

Institutional Investors Weigh In On DraftKings

Large investors have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in DraftKings by 31.9% during the 3rd quarter. Allworth Financial LP now owns 11,710 shares of the company’s stock valued at $438,000 after purchasing an additional 2,829 shares during the last quarter. Cantor Fitzgerald L. P. bought a new stake in DraftKings during the third quarter worth about $1,303,000. Ariadne Wealth Management LP increased its holdings in shares of DraftKings by 32.6% during the third quarter. Ariadne Wealth Management LP now owns 8,508 shares of the company’s stock worth $318,000 after buying an additional 2,091 shares in the last quarter. Centaurus Financial Inc. raised its stake in shares of DraftKings by 4.1% in the third quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after acquiring an additional 410 shares during the last quarter. Finally, Asset Dedication LLC bought a new position in shares of DraftKings in the third quarter valued at approximately $37,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.