Paul Liberman Sells 643,654 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Monday, August 26th, Paul Liberman sold 88,441 shares of DraftKings stock. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24.
• On Monday, July 15th, Paul Liberman sold 63,206 shares of DraftKings stock. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00.

DraftKings Trading Down 1.4 %

Shares of NASDAQ DKNG opened at $40.36 on Monday. The company’s 50 day simple moving average is $35.62 and its 200 day simple moving average is $39.36. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The firm has a market capitalization of $35.08 billion, a P/E ratio of -34.20 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted ($0.17) earnings per share. DraftKings’s revenue was up 26.2% compared to the same quarter last year. On average, analysts predict that DraftKings Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On DraftKings

Several large investors have recently bought and sold shares of the business. Transcendent Capital Group LLC bought a new stake in DraftKings in the fourth quarter valued at approximately $26,000. LRI Investments LLC bought a new stake in DraftKings in the first quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings in the first quarter valued at approximately $33,000. Concord Wealth Partners increased its stake in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd bought a new stake in DraftKings in the second quarter valued at approximately $38,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. Macquarie reiterated an “outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Monday, August 26th. Guggenheim decreased their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Barclays decreased their price objective on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Finally, Bank of America decreased their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $49.74.

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.