Jason Robins Sells 666,651 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the transaction, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, February 12th, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00.

DraftKings Trading Up 2.0 %

Shares of NASDAQ DKNG opened at $43.36 on Thursday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The firm has a market capitalization of $21.24 billion, a PE ratio of -40.91, a PEG ratio of 1.43 and a beta of 1.93. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business has a 50-day moving average price of $41.64 and a two-hundred day moving average price of $39.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on DKNG shares. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a report on Friday, February 14th. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Morgan Stanley lifted their target price on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company lifted their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the 4th quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the 4th quarter valued at about $28,000. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the 4th quarter valued at about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the 4th quarter valued at about $30,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the 4th quarter valued at about $37,000. 37.70% of the stock is currently 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.