DraftKings (NASDAQ:DKNG) CFO Sells $249,209.25 in Stock

Key Points

• DraftKings CFO Alan Wayne Ellingson sold 5,725 shares at an average price of $43.53, reducing his stake by 3.21% to 172,824 shares valued at approximately $7.5 million.
• The company's stock recently traded at $44.94 per share, with a market capitalization of $39.97 billion and a P/E ratio of -69.14.
• DraftKings reported a 36.9% year-over-year increase in quarterly revenue, posting $1.51 billion and earnings per share of $0.30, surpassing expectations.

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) CFO Alan Wayne Ellingson sold 5,725 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $43.53, for a total value of $249,209.25. Following the completion of the transaction, the chief financial officer directly owned 172,824 shares in the company, valued at approximately $7,523,028.72. This represents a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

DraftKings Price Performance

DKNG traded up $0.63 during trading on Wednesday, reaching $45.65. The stock had a trading volume of 6,751,114 shares, compared to its average volume of 10,204,339. The stock has a market cap of $40.60 billion, a PE ratio of -70.23, a PEG ratio of 1.07 and a beta of 1.70. 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 one year low of $29.64 and a one year high of $53.61. The business has a 50-day moving average of $42.89 and a 200-day moving average of $39.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm's revenue was up 36.9% on a year-over-year basis. 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 anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Institutional Investors Weigh In On DraftKings

Several institutional investors and hedge funds have recently bought and sold shares of DKNG. Mariner LLC lifted its holdings in DraftKings by 23.6% in the 4th quarter. Mariner LLC now owns 241,269 shares of the company's stock worth $8,975,000 after buying an additional 46,044 shares during the period. Guggenheim Capital LLC lifted its holdings in DraftKings by 11.3% in the 4th quarter. Guggenheim Capital LLC now owns 13,459 shares of the company's stock worth $501,000 after buying an additional 1,364 shares during the period. NewEdge Advisors LLC lifted its holdings in DraftKings by 100.3% in the 4th quarter. NewEdge Advisors LLC now owns 53,211 shares of the company's stock worth $1,979,000 after buying an additional 26,639 shares during the period. Canada Pension Plan Investment Board lifted its holdings in DraftKings by 21.4% in the 4th quarter. Canada Pension Plan Investment Board now owns 743,587 shares of the company's stock worth $27,661,000 after buying an additional 130,922 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in DraftKings by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,105,643 shares of the company's stock worth $41,129,000 after buying an additional 64,088 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Susquehanna reissued a "positive" rating and issued a $64.00 target price on shares of DraftKings in a research note on Friday, August 8th. JMP Securities reduced their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. Macquarie reduced their price objective on DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the company a "hold" rating in a research note on Friday, August 8th. Finally, Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Twenty-five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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.