Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 52,777 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the completion of the transaction, the insider now directly owns 653,843 shares in the company, valued at approximately $25,499,877. This represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

R Stanton Dodge also recently made the following trade(s):

• On Friday, March 14th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74.

DraftKings Stock Down 4.7 %

DraftKings stock traded down $1.82 during trading on Tuesday, reaching $36.91. The stock had a trading volume of 7,763,188 shares, compared to its average volume of 9,619,819. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The business has a 50 day moving average price of $42.16 and a 200 day moving average price of $40.21. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $18.08 billion, a PE ratio of -34.82, a P/E/G ratio of 1.43 and a beta of 2.07.

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 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, analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on DKNG shares. Stifel Nicolaus lifted their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Needham & Company LLC set a $65.00 price target on shares of DraftKings 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after buying an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after buying an additional 707,504 shares during the last quarter. FMR LLC lifted its position in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after buying an additional 89,988 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.