DraftKings Inc. (NASDAQ:DKNG) Insider Paul Liberman Sells 668,890 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

DraftKings Trading Down 1.5 %

Shares of DraftKings stock opened at $37.11 on Friday. The firm has a 50-day simple moving average of $40.81 and a two-hundred day simple moving average of $40.57. The company has a market cap of $32.26 billion, a P/E ratio of -31.45 and a beta of 1.81. DraftKings Inc. has a fifty-two week low of $24.97 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.87) EPS. As a group, equities analysts predict that DraftKings Inc. will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Jericho Capital Asset Management L.P. increased its stake in shares of DraftKings by 39.4% during the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares in the last quarter. Norges Bank purchased a new stake in shares of DraftKings during the fourth quarter worth about $192,140,000. Ameriprise Financial Inc. increased its stake in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of DraftKings by 21.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after purchasing an additional 781,058 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Moffett Nathanson raised their price objective on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Wednesday, June 12th. Susquehanna lowered their price target on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a report on Wednesday, June 5th. Stifel Nicolaus lowered their price target on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. Finally, Wells Fargo & Company lowered their price target on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.24.

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.