DraftKings Inc. (NASDAQ:DKNG) Insider Matthew Kalish Sells 210,000 Shares

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the sale, the insider now directly owns 4,140,509 shares in the company, valued at approximately $168,146,070.49. The trade was a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Matthew Kalish also recently made the following trade(s):

• On Friday, February 21st, Matthew Kalish sold 587,585 shares of DraftKings stock. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25.

DraftKings Stock Down 0.7 %

Shares of NASDAQ:DKNG opened at $41.30 on Wednesday. The stock has a fifty day simple moving average of $41.90 and a two-hundred day simple moving average of $39.94. The stock has a market capitalization of $20.24 billion, a price-to-earnings ratio of -38.96, a PEG ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. 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 (NASDAQ:DKNG) last posted its quarterly earnings results 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Trading of DraftKings

Several hedge funds have recently bought and sold shares of DKNG. Wealth Enhancement Advisory Services LLC boosted its stake in shares of DraftKings by 5.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 34,757 shares of the company’s stock worth $1,362,000 after acquiring an additional 1,782 shares during the period. New York State Teachers Retirement System lifted its stake in shares of DraftKings by 5.4% in the 3rd quarter. New York State Teachers Retirement System now owns 40,871 shares of the company’s stock valued at $1,602,000 after purchasing an additional 2,092 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of DraftKings by 54.2% during the 3rd quarter. Van ECK Associates Corp now owns 131,693 shares of the company’s stock worth $4,820,000 after acquiring an additional 46,314 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the topic of a number of research reports. Canaccord Genuity Group upped their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a report on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price target (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Finally, Morgan Stanley raised their target price 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. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

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.