Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 200,000 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, December 26th, Paul Liberman sold 532,095 shares of DraftKings stock. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50.
• On Friday, October 25th, Paul Liberman sold 88,441 shares of DraftKings stock. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81.

DraftKings Stock Up 3.0 %

Shares of NASDAQ:DKNG traded up $1.14 during trading on Friday, reaching $39.49. The stock had a trading volume of 11,448,507 shares, compared to its average volume of 9,001,050. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The company has a market capitalization of $34.78 billion, a P/E ratio of -44.87 and a beta of 1.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm’s 50-day simple moving average is $40.49 and its 200 day simple moving average is $37.90.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, research analysts expect that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP increased its holdings in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. lifted its position in DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Fred Alger Management LLC lifted its position in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares during the last quarter. Blue Whale Capital LLP acquired a new position in DraftKings in the second quarter valued at about $39,306,000. Finally, AQR Capital Management LLC lifted its position in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on DKNG shares. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. JMP Securities decreased their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Monday. Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Macquarie increased their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.08.

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.