DraftKings (NASDAQ:DKNG) Insider Sells $1,824,500.89 in Stock

Key Points

• R Stanton Dodge, an insider at DraftKings, sold 52,777 shares for approximately $1.82 million, representing a 9.55% decrease in their total holdings.
• DraftKings recently reported earnings per share of $0.30, exceeding estimates, with quarterly revenue of $1.51 billion, a 36.9% increase from the previous year.
• Analyst ratings for DraftKings show a consensus of "Moderate Buy" with a target price of about $52.83, and 27 analysts recommending a buy, while one holds and three sell ratings.

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $34.57, for a total value of $1,824,500.89. Following the completion of the transaction, the insider owned 500,000 shares of the company's stock, valued at approximately $17,285,000. This represents a 9.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, September 2nd, R Stanton Dodge sold 105,554 shares of DraftKings stock. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98.
• On Tuesday, August 5th, R Stanton Dodge sold 105,554 shares of DraftKings stock. The stock was sold at an average price of $44.60, for a total value of $4,707,708.40.

DraftKings Stock Performance

NASDAQ DKNG traded up $0.66 during trading hours on Wednesday, hitting $34.28. The company had a trading volume of 5,884,775 shares, compared to its average volume of 10,991,087. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. The company has a market cap of $17.02 billion, a PE ratio of -52.74, a price-to-earnings-growth ratio of 0.84 and a beta of 1.99. The business has a 50 day moving average of $41.81 and a 200-day moving average of $39.64.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business's quarterly revenue was up 36.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the business. IHT Wealth Management LLC increased its holdings in DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company's stock worth $269,000 after buying an additional 248 shares during the last quarter. Brooklyn Investment Group boosted its position in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock worth $132,000 after purchasing an additional 270 shares during the period. TD Private Client Wealth LLC boosted its position in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock valued at $34,000 after acquiring an additional 282 shares during the period. Farther Finance Advisors LLC boosted its position in shares of DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company's stock valued at $146,000 after acquiring an additional 286 shares during the period. Finally, Obermeyer Wealth Partners boosted its position in shares of DraftKings by 3.4% in the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after acquiring an additional 297 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Barclays reaffirmed an "overweight" rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Berenberg Bank set a $43.00 target price on shares of DraftKings and gave the company a "buy" rating in a research note on Thursday, October 9th. JMP Securities reduced their price target on shares of DraftKings from $54.00 to $51.00 and set a "market outperform" rating for the company in a research report on Wednesday, October 1st. Morgan Stanley restated an "overweight" rating and set a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of DraftKings in a report on Wednesday, October 8th. Twenty-seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.83.

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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