Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Director Sells 3,420 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares of the company’s stock, valued at $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

DraftKings Price Performance

Shares of NASDAQ DKNG traded down $2.17 during midday trading on Monday, reaching $37.24. The stock had a trading volume of 14,543,582 shares, compared to its average volume of 9,604,292. The stock has a 50-day moving average of $42.06 and a 200-day moving average of $40.08. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company has a market capitalization of $18.25 billion, a price-to-earnings ratio of -35.13, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

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

Analyst Ratings Changes

Several research firms have issued reports on DKNG. JMP Securities restated a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. Stifel Nicolaus upped their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company upped their target price on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.44.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently modified their holdings of the stock. Raiffeisen Bank International AG bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $30,000. Finally, Synergy Investment Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $37,000. Institutional investors own 37.70% of the company’s stock.

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.