Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 200,000 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the completion of the sale, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Jason Robins also recently made the following trade(s):

• On Monday, April 22nd, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00.
• On Wednesday, February 21st, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00.

DraftKings Stock Down 1.7 %

Shares of DKNG traded down $0.76 during trading hours on Friday, reaching $43.27. The company's stock had a trading volume of 6,896,807 shares, compared to its average volume of 11,560,728. The company has a 50 day moving average of $43.72 and a two-hundred day moving average of $39.21. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a market cap of $37.50 billion, a price-to-earnings ratio of -37.24 and a beta of 1.87. DraftKings Inc. has a 1-year low of $22.65 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The firm's quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.87) EPS. As a group, research analysts predict that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in DraftKings by 1.9% in the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company's stock valued at $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of DraftKings by 19.0% in the first quarter. Westfield Capital Management Co. LP now owns 2,007,587 shares of the company's stock worth $91,165,000 after buying an additional 320,579 shares during the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of DraftKings by 284.4% in the first quarter. Jupiter Asset Management Ltd. now owns 118,410 shares of the company's stock worth $5,377,000 after buying an additional 87,608 shares during the last quarter. Anthracite Investment Company Inc. acquired a new stake in shares of DraftKings in the first quarter worth about $2,173,000. Finally, Lord Abbett & CO. LLC lifted its position in shares of DraftKings by 20.6% in the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company's stock worth $176,403,000 after buying an additional 663,427 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analysts Set New Price Targets

DKNG has been the subject of a number of research analyst reports. Truist Financial reissued a "buy" rating and set a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Barclays raised their price target on shares of DraftKings from $52.00 to $54.00 and gave the stock an "overweight" rating in a research report on Monday. Piper Sandler raised their price target on shares of DraftKings from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 13th. Benchmark raised their price objective on DraftKings from $50.00 to $52.00 and gave the stock a "buy" rating in a research note on Friday, May 3rd. Finally, Oppenheimer raised their price objective on DraftKings from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $49.07.

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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