DraftKings (NASDAQ:DKNG) Insider R Stanton Dodge Sells 52,777 Shares

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the sale, the insider directly owned 500,454 shares in the company, valued at $14,513,166. This trade represents a 9.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

R Stanton Dodge also recently made the following trade(s):

• On Friday, October 17th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $34.57, for a total transaction of $1,824,500.89.
• On Tuesday, September 2nd, R Stanton Dodge sold 105,554 shares of DraftKings stock. The stock was sold at an average price of $47.37, for a total transaction of $5,000,092.98.

DraftKings Stock Up 8.6%

Shares of DKNG stock opened at $30.40 on Friday. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The stock has a market cap of $15.09 billion, a price-to-earnings ratio of -53.33, a PEG ratio of 0.95 and a beta of 1.86. The firm’s 50-day moving average is $37.88 and its 200-day moving average is $39.40. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.DraftKings’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.60) EPS. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in DraftKings in the 2nd quarter valued at $362,554,000. AQR Capital Management LLC grew its holdings in shares of DraftKings by 2,138.9% during the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after purchasing an additional 4,486,488 shares in the last quarter. Brown Advisory Inc. increased its position in shares of DraftKings by 53,272.1% in the second quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company’s stock worth $173,974,000 after purchasing an additional 4,048,680 shares during the period. Eminence Capital LP raised its stake in DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after purchasing an additional 3,423,909 shares in the last quarter. Finally, Nuveen LLC acquired a new position in DraftKings in the first quarter valued at about $107,739,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DKNG. UBS Group reduced their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Citigroup reissued a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. Northland Securities set a $30.00 price objective on DraftKings in a report on Monday, October 13th. Canaccord Genuity Group decreased their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Stifel Nicolaus dropped their price target on DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a report on Monday, October 27th. Twenty-six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.83.

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.