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

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Thursday, November 21st, Jason Robins sold 3,151 shares of DraftKings stock. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21.

DraftKings Stock Performance

DKNG stock opened at $53.49 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $26.08 billion, a price-to-earnings ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock’s fifty day moving average is $40.54 and its two-hundred day moving average is $38.75.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, research analysts predict that DraftKings Inc. will post -0.95 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on DKNG shares. TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Friday. Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Canaccord Genuity Group increased their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.64.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DKNG. Creative Planning increased its holdings in shares of DraftKings by 21.8% during the third quarter. Creative Planning now owns 64,286 shares of the company’s stock valued at $2,520,000 after purchasing an additional 11,511 shares during the period. NBC Securities Inc. increased its holdings in shares of DraftKings by 10.5% during the third quarter. NBC Securities Inc. now owns 21,595 shares of the company’s stock valued at $846,000 after purchasing an additional 2,045 shares during the period. Vontobel Holding Ltd. increased its holdings in shares of DraftKings by 59.3% during the third quarter. Vontobel Holding Ltd. now owns 58,708 shares of the company’s stock valued at $2,301,000 after purchasing an additional 21,855 shares during the period. Cornerstone Wealth Management LLC acquired a new position in DraftKings during the third quarter worth about $297,000. Finally, Global Retirement Partners LLC grew its holdings in DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after acquiring an additional 273 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

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.