DraftKings Inc. (NASDAQ:DKNG) Insider R Stanton Dodge Sells 105,554 Shares

Key Points

• R Stanton Dodge, an insider at DraftKings Inc., sold 105,554 shares at an average price of $44.60, reducing his ownership by 17.43% to 500,000 shares valued at approximately $22.3 million.
• DraftKings reported a net revenue of $1.51 billion for the quarter, exceeding expectations of $1.39 billion, while posting earnings per share of $0.30, beating the consensus estimate.
• Equities analysts maintain a consensus "Moderate Buy" rating for DraftKings, with an average price target of $54.48, reflecting various price revisions from different financial firms.

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total value of $4,707,708.40. Following the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $22,300,000. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Friday, July 18th, R Stanton Dodge sold 105,554 shares of DraftKings stock. The stock was sold at an average price of $43.53, for a total value of $4,594,765.62.
• On Wednesday, June 18th, R Stanton Dodge sold 158,331 shares of DraftKings stock. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00.
• On Monday, June 2nd, R Stanton Dodge sold 52,777 shares of DraftKings stock. The stock was sold at an average price of $33.49, for a total value of $1,767,501.73.

DraftKings Price Performance

NASDAQ:DKNG traded down $0.16 during midday trading on Thursday, reaching $45.20. 23,641,645 shares of the stock traded hands, compared to its average volume of 8,574,497. DraftKings Inc. has a 12-month low of $29.29 and a 12-month high of $53.61. The business has a 50-day moving average of $41.15 and a two-hundred day moving average of $39.38. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.23%. The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter last year, the company posted $0.12 earnings per share. The firm's revenue was up 36.9% compared to the same quarter last year. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on DKNG shares. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Truist Financial boosted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Guggenheim reduced their price objective on DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Finally, TD Securities reduced their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and an average price target of $54.48.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Brown Advisory Inc. raised its stake in DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock worth $252,000 after purchasing an additional 968 shares during the period. IFM Investors Pty Ltd boosted its stake in DraftKings by 9.3% during the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock worth $2,781,000 after purchasing an additional 7,147 shares during the period. Capital Investment Advisory Services LLC acquired a new position in DraftKings during the 1st quarter worth approximately $515,000. Allspring Global Investments Holdings LLC raised its position in DraftKings by 18.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock worth $90,558,000 after acquiring an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems purchased a new position in shares of DraftKings in the 1st quarter valued at about $1,026,000. 37.70% of the stock is owned by institutional investors and hedge funds.

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.

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