Insider Selling: DraftKings (NASDAQ:DKNG) Insider Sells 105,554 Shares of Stock

Key Points

• R Stanton Dodge, an insider at DraftKings, sold 105,554 shares of stock at an average price of $47.37, totaling over $5 million, which reduced his ownership by 17.09% to approximately 512,181 shares.
• DraftKings posted a record revenue of $1.51 billion for the last quarter, surpassing analysts' expectations and marking a 36.9% increase from the previous year.
• Equity analysts maintain a consensus rating of "Moderate Buy" for DraftKings, with an average price target of $54.50 per share.

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the completion of the sale, the insider owned 512,181 shares of the company's stock, valued at approximately $24,262,013.97. This represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, August 5th, R Stanton Dodge sold 105,554 shares of DraftKings stock. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40.
• On Friday, July 18th, R Stanton Dodge sold 105,554 shares of DraftKings stock. The shares were sold at an average price of $43.53, for a total transaction of $4,594,765.62.
• On Wednesday, June 18th, R Stanton Dodge sold 158,331 shares of DraftKings stock. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00.

DraftKings Stock Performance

Shares of DKNG traded down $0.23 during trading hours on Wednesday, hitting $47.68. The company had a trading volume of 5,698,455 shares, compared to its average volume of 8,880,510. The firm has a market cap of $42.41 billion, a price-to-earnings ratio of -73.35, a PEG ratio of 1.14 and a beta of 1.73. The business has a fifty day moving average of $44.45 and a 200-day moving average of $39.80. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the firm earned $0.12 earnings per share. DraftKings's revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DKNG shares. Sanford C. Bernstein started coverage on shares of DraftKings in a research note on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price objective on the stock. JMP Securities reduced their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. Morgan Stanley reiterated an "overweight" rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Jefferies Financial Group set a $54.00 price objective on shares of DraftKings in a research note on Thursday, August 21st. Finally, Stifel Nicolaus reduced their price objective on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Twenty-five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $54.50.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently bought and sold shares of the business. Brown Advisory Inc. boosted its position 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 in the last quarter. IFM Investors Pty Ltd lifted its position in shares of DraftKings by 9.3% in the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock valued at $2,781,000 after acquiring an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new position in shares of DraftKings in the first quarter valued at approximately $515,000. Allspring Global Investments Holdings LLC lifted its position in shares of DraftKings by 18.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock valued at $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 first quarter valued at approximately $1,026,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

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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