Paul Liberman Sells 532,095 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, October 25th, Paul Liberman sold 88,441 shares of DraftKings stock. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81.

DraftKings Stock Down 1.4 %

Shares of DKNG stock opened at $37.92 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a fifty day moving average of $40.29 and a 200-day moving average of $38.13. The company has a market capitalization of $33.39 billion, a price-to-earnings ratio of -43.09 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities research analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Marshall Wace LLP grew its stake in shares of DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after purchasing an additional 1,493,995 shares during the last quarter. Fred Alger Management LLC grew its position in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in DraftKings in the 2nd quarter valued at $39,306,000. Finally, AQR Capital Management LLC lifted its position in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after buying an additional 870,789 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research analyst reports. Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Morgan Stanley increased their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. TD Cowen boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. UBS Group increased their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, JMP Securities boosted their target price on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

About DraftKings

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.