Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells $25,070,323.30 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Paul Liberman also recently made the following trade(s):

• On Friday, January 10th, Paul Liberman sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00.

DraftKings Stock Performance

NASDAQ DKNG opened at $35.29 on Friday. The firm’s fifty day moving average price is $42.01 and its two-hundred day moving average price is $40.35. The stock has a market cap of $17.64 billion, a PE ratio of -33.29, a PEG ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. On average, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on DKNG shares. Canaccord Genuity Group boosted their price objective on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Argus set a $60.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.42.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Raymond James Trust N.A. acquired a new position in DraftKings in the 3rd quarter valued at approximately $250,000. Larson Financial Group LLC increased its holdings in DraftKings by 134.8% in the third quarter. Larson Financial Group LLC now owns 4,167 shares of the company’s stock valued at $163,000 after purchasing an additional 2,392 shares during the period. Daiwa Securities Group Inc. raised its position in DraftKings by 8.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 39,966 shares of the company’s stock worth $1,567,000 after purchasing an additional 2,980 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in DraftKings by 4.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 25,660 shares of the company’s stock worth $1,006,000 after buying an additional 1,039 shares during the period. Finally, FMR LLC grew its position in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after buying an additional 826,626 shares during the last quarter. 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.