Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells $2,058,303.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares in the company, valued at approximately $25,499,877. This trade represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, March 14th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74.

DraftKings Price Performance

DraftKings stock opened at $38.44 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a 50 day moving average price of $42.17 and a 200 day moving average price of $40.19. The company has a market cap of $18.83 billion, a price-to-earnings ratio of -36.26, a PEG ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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 earnings per share for the current year.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 111 Capital purchased a new stake in shares of DraftKings during the 4th quarter worth about $438,000. Thoma Capital Management LLC purchased a new stake in DraftKings during the fourth quarter worth approximately $902,000. Siemens Fonds Invest GmbH acquired a new stake in shares of DraftKings in the fourth quarter worth $665,000. Total Wealth Planning & Management Inc. purchased a new position in shares of DraftKings in the 4th quarter valued at $243,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of DraftKings during the 4th quarter valued at $1,728,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DKNG has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Truist Financial boosted their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. TD Cowen reduced their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. upped their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average target price of $54.44.

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.