Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 666,651 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 666,651 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Jason Robins also recently made the following trade(s):

• On Wednesday, February 12th, Jason Robins sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00.

DraftKings Stock Performance

DraftKings stock opened at $42.51 on Wednesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $20.83 billion, a P/E ratio of -40.10, a PEG ratio of 1.43 and a beta of 1.93. The stock’s 50 day moving average is $41.55 and its 200 day moving average is $39.58.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

DKNG has been the topic of several recent analyst reports. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. 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 research note on Friday, February 14th. TD Cowen cut their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research 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 MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $54.44.

Institutional Trading of DraftKings

Several institutional investors have recently bought and sold shares of DKNG. Janus Henderson Group PLC lifted its stake in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares in the last quarter. Norges Bank bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $276,328,000. FMR LLC raised its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. bought a new position in DraftKings in the 4th quarter valued at approximately $246,765,000. Finally, Eminence Capital LP purchased a new stake in DraftKings during the 4th quarter valued at $65,255,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.