DraftKings Inc. (NASDAQ:DKNG) CFO Sells $6,730,399.62 in Stock

DraftKings Inc. (NASDAQ:DKNG) CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

DraftKings Stock Up 2.6 %

Shares of NASDAQ DKNG opened at $43.86 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a market cap of $21.49 billion, a P/E ratio of -41.38, a PEG 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 simple moving average of $41.78 and a two-hundred day simple moving average of $39.73.

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

Institutional Trading of 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. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DKNG. TD Cowen cut their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Stifel Nicolaus raised their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Macquarie raised their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Morgan Stanley raised their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Barclays raised their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

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.