Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 643,654 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. This represents a 48.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 transaction of $7,800,000.00.

DraftKings Stock Performance

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

DraftKings (NASDAQ:DKNG) last released its quarterly 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 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 Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. increased its position in DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after buying an additional 26,164 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of DraftKings by 2.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after buying an additional 35,466 shares during the last quarter. Stifel Financial Corp boosted its position in shares of DraftKings by 27.7% in the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after acquiring an additional 42,431 shares during the period. Finally, FMR LLC grew its stake in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on DKNG. Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. BTIG Research set a $59.00 target price on DraftKings in a report on Monday, February 3rd. JMP Securities reiterated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Finally, JPMorgan Chase & Co. increased their price objective on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.