Insider Selling: DraftKings (NASDAQ:DKNG) Insider Sells $12,187,931.72 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 484,417 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the sale, the insider owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

DraftKings Price Performance

DKNG opened at $25.87 on Friday. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. DraftKings Inc. has a 52-week low of $21.01 and a 52-week high of $48.78. The stock has a market capitalization of $12.75 billion, a PE ratio of -646.75, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. The stock’s 50 day moving average price is $27.88 and its 200-day moving average price is $33.25.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of DKNG. Vanguard Group Inc. lifted its position in DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Janus Henderson Group PLC increased its stake in shares of DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after purchasing an additional 8,524,923 shares in the last quarter. Viking Global Investors LP increased its stake in shares of DraftKings by 27.4% during the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after purchasing an additional 4,116,561 shares in the last quarter. Capital World Investors lifted its holdings in shares of DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of DraftKings by 41.0% during the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after purchasing an additional 4,788,337 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on DKNG. Morgan Stanley decreased their price objective on shares of DraftKings from $53.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, February 24th. Barclays reaffirmed an “overweight” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Mizuho reduced their price target on shares of DraftKings from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. The Goldman Sachs Group decreased their price target on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. Finally, UBS Group restated a “buy” rating on shares of DraftKings in a report on Wednesday, January 7th. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.19.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.