Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells $1,985,470.74 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, March 17th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $39.00, for a total transaction of $2,058,303.00.

DraftKings Stock Down 0.3 %

DKNG stock opened at $38.44 on Friday. The company’s 50 day moving average is $42.17 and its 200 day moving average is $40.19. The stock has a market cap of $18.83 billion, a price-to-earnings ratio of -36.26, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. 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 Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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%. Sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler restated an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Friday, February 14th. Three equities 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in DraftKings in the 4th quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $30,000. Finally, Synergy Investment Management LLC bought a new position in shares of DraftKings during the 4th quarter valued at $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.