DraftKings Inc. (NASDAQ:DKNG) Insider Matthew Kalish Sells 587,585 Shares

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

DraftKings Stock Performance

NASDAQ:DKNG opened at $44.27 on Tuesday. The stock has a market capitalization of $21.69 billion, a P/E ratio of -41.76, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm has a 50 day moving average of $41.52 and a 200-day moving average of $39.50. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued 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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Macquarie raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. JMP Securities reissued a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Institutional Trading of DraftKings

Several hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC grew its position in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the period. Norges Bank bought a new position in DraftKings in the fourth quarter valued at approximately $276,328,000. FMR LLC boosted its holdings in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new stake in shares of DraftKings during the fourth quarter worth $246,765,000. Finally, Eminence Capital LP acquired a new stake in shares of DraftKings during the fourth quarter worth $65,255,000. Institutional investors and hedge funds 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.