Woodrow Levin Sells 34,234 Shares of DraftKings (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) Director Woodrow Levin sold 34,234 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

DraftKings Trading Down 2.1%

Shares of DKNG stock opened at $25.01 on Thursday. The company has a market capitalization of $12.41 billion, a P/E ratio of 416.83 and a beta of 1.67. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm has a 50-day moving average price of $23.69 and a 200 day moving average price of $28.00.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the company posted ($0.07) earnings per share. DraftKings’s quarterly revenue was up 16.8% compared to the same quarter last year. Research analysts forecast that DraftKings Inc. will post 0.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in shares of DraftKings by 1.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock worth $279,494,000 after buying an additional 79,152 shares during the period. Vanguard Group Inc. lifted its holdings 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 in the last quarter. Citigroup Inc. lifted its holdings in shares of DraftKings by 40.6% during the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after purchasing an additional 560,139 shares in the last quarter. Bedell Frazier Investment Counselling LLC bought a new position in shares of DraftKings during the 3rd quarter valued at about $4,492,000. Finally, Waycross Partners LLC bought a new position in shares of DraftKings during the 4th quarter valued at about $2,584,000. 37.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Northland Securities set a $27.00 price objective on DraftKings in a research report on Monday, May 11th. Argus cut DraftKings from a “buy” rating to a “hold” rating in a report on Tuesday, March 17th. Truist Financial lowered their target price on DraftKings from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Barclays lifted their price target on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, BTIG Research increased their price objective on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Twenty-seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.32.

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.