DraftKings Inc. (NASDAQ:DKNG) Insider Sells $25,070,323.30 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Paul Liberman also recently made the following trade(s):

• On Friday, January 10th, Paul Liberman sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00.

DraftKings Price Performance

Shares of DKNG stock traded down $0.64 during trading hours on Thursday, reaching $37.04. The company’s stock had a trading volume of 6,960,042 shares, compared to its average volume of 9,480,452. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a market capitalization of $18.15 billion, a price-to-earnings ratio of -34.94, a PEG ratio of 1.43 and a beta of 2.07. The firm’s 50 day simple moving average is $42.09 and its 200-day simple moving average is $40.33.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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 forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently made changes to their positions in DKNG. Raiffeisen Bank International AG acquired a new stake in DraftKings in the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings during the 4th quarter worth $28,000. Stonebridge Financial Group LLC acquired a new position in DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new position in DraftKings in the 4th quarter worth about $30,000. Finally, Synergy Investment Management LLC bought a new position in DraftKings in the fourth quarter valued at about $37,000. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Morgan Stanley upped their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. TD Cowen cut their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Needham & Company LLC set a $65.00 target price on DraftKings in a research report on Tuesday, February 18th. Finally, Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.