DraftKings (NASDAQ:DKNG) Director Sells 10,759 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) Director Jocelyn Moore sold 10,759 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the sale, the director owned 1,881 shares in the company, valued at approximately $45,238.05. This trade represents a 85.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Stock Down 1.1%

Shares of NASDAQ DKNG traded down $0.28 on Thursday, reaching $25.03. 8,261,896 shares of the company’s stock traded hands, compared to its average volume of 13,719,638. The business’s 50 day simple moving average is $25.13 and its two-hundred day simple moving average is $24.58. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a market cap of $12.43 billion, a price-to-earnings ratio of -65.87 and a beta of 1.66. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. As a group, equities research analysts forecast that DraftKings Inc. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently modified their holdings of DKNG. Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 1,354,457 shares during the last quarter. Renaissance Technologies LLC bought a new stake in DraftKings during the first quarter valued at approximately $17,660,000. Spruce House Investment Management LLC grew its position in DraftKings by 129.6% during the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after buying an additional 5,446,166 shares during the period. Janus Henderson Group PLC increased its holdings in DraftKings by 9.3% during the first quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after buying an additional 2,351,790 shares during the last quarter. Finally, Aurora Investment Counsel bought a new position in DraftKings in the fourth quarter worth approximately $2,157,000. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on DKNG. HSBC upgraded DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. Citigroup upped their price target on shares of DraftKings from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. UBS Group increased their price objective on shares of DraftKings from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Stifel Nicolaus reduced their price objective on shares of DraftKings from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Finally, BTIG Research lifted their target price on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.11.

About DraftKings

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.