DraftKings (NASDAQ:DKNG) Insider Sells $12,187,931.72 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares in the company, valued at $5,374,100.52. This trade represents a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $0.03 on Thursday, hitting $25.60. The company had a trading volume of 14,661,179 shares, compared to its average volume of 17,746,388. The stock has a 50 day moving average price of $28.26 and a 200 day moving average price of $33.55. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The stock has a market cap of $12.62 billion, a price-to-earnings ratio of 852.33, a P/E/G ratio of 1.05 and a beta of 1.67. DraftKings Inc. has a 1-year low of $21.01 and a 1-year high of $48.78.

Hedge Funds Weigh In On DraftKings

Several institutional investors have recently made changes to their positions in the stock. IHT Wealth Management LLC grew its stake in shares of DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after buying an additional 248 shares during the period. Orion Porfolio Solutions LLC raised its stake in DraftKings by 3.1% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after buying an additional 321 shares during the period. Geneos Wealth Management Inc. raised its stake in DraftKings by 7.3% during the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after buying an additional 328 shares during the period. Valeo Financial Advisors LLC boosted its holdings in DraftKings by 3.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after acquiring an additional 348 shares in the last quarter. Finally, Huntleigh Advisors Inc. grew its stake in DraftKings by 0.8% in the third quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock valued at $1,632,000 after acquiring an additional 363 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on DKNG shares. Northland Securities set a $24.00 target price on DraftKings in a research report on Tuesday, February 17th. Susquehanna set a $33.00 target price on DraftKings in a report on Tuesday, February 17th. Guggenheim set a $37.00 price target on shares of DraftKings in a research report on Tuesday, February 17th. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a report on Tuesday, February 24th. Finally, Benchmark reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.19.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.