DraftKings Inc. (NASDAQ:DKNG) Insider Sells $27,645,874.25 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 587,585 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

DraftKings Trading Down 2.9 %

NASDAQ:DKNG traded down $1.30 on Monday, reaching $44.27. 11,800,294 shares of the stock traded hands, compared to its average volume of 10,235,185. The firm has a market capitalization of $21.69 billion, a price-to-earnings ratio of -41.76, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. The company’s 50 day moving average is $41.52 and its 200-day moving average is $39.50. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on DKNG. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Macquarie increased their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Barclays increased their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Piper Sandler reissued an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, Needham & Company LLC set a $65.00 price objective on shares of DraftKings in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

Institutional Trading of DraftKings

Several large investors have recently modified their holdings of DKNG. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $25,000. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $30,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.