DraftKings (NASDAQ:DKNG) Director Sells $3,507,828.80 in Stock

Key Points

• DraftKings Director Ryan Moore sold 76,390 shares of the company's stock for a total of $3,507,828.80, significantly reducing his ownership by nearly 99.5%.
• The company's recent earnings report showed a 36.9% increase in revenue year-over-year, reaching $1.51 billion, and earnings per share of $0.30, surpassing analyst expectations.
• Analyst ratings for DraftKings remain positive, with 25 analysts rating the stock as a Buy and an average price target set at $54.50.

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) Director Ryan R. Moore sold 76,390 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director owned 402 shares of the company's stock, valued at $18,459.84. The trade was a 99.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

DraftKings Price Performance

DKNG traded down $0.25 during midday trading on Friday, hitting $47.98. The company had a trading volume of 4,825,595 shares, compared to its average volume of 9,333,800. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $42.68 billion, a PE ratio of -73.82, a P/E/G ratio of 1.14 and a beta of 1.70. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The firm's 50-day simple moving average is $44.12 and its 200-day simple moving average is $39.81.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 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 30.06%. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter in the previous year, the company earned $0.12 EPS. DraftKings's revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DKNG. Janus Henderson Group PLC boosted its holdings in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Norges Bank bought a new stake in DraftKings during the second quarter worth $362,554,000. AQR Capital Management LLC raised its position in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after acquiring an additional 4,486,488 shares in the last quarter. Brown Advisory Inc. raised its position in DraftKings by 53,272.1% during the second quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company's stock worth $173,974,000 after acquiring an additional 4,048,680 shares in the last quarter. Finally, Eminence Capital LP raised its position in DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after acquiring an additional 3,423,909 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on DKNG shares. Barclays reiterated an "overweight" rating and set a $54.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Macquarie reduced their price objective on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price objective for the company. Bank of America decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Sanford C. Bernstein assumed coverage on shares of DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price objective for the company. Twenty-five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and an average price target of $54.50.

DraftKings Company Profile

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.