DraftKings Inc. (NASDAQ:DKNG) Insider Sells $9,765,919.04 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

DraftKings Stock Down 3.8 %

DKNG opened at $39.88 on Friday. The stock’s fifty day simple moving average is $40.07 and its 200 day simple moving average is $37.94. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The stock has a market cap of $35.12 billion, a PE ratio of -45.32 and a beta of 1.87. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current year.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its stake in DraftKings by 24.2% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,975 shares of the company’s stock valued at $1,259,000 after purchasing an additional 6,425 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of DraftKings by 440.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 91,854 shares of the company’s stock valued at $3,506,000 after acquiring an additional 74,872 shares in the last quarter. SteelPeak Wealth LLC increased its position in DraftKings by 21.8% during the second quarter. SteelPeak Wealth LLC now owns 12,106 shares of the company’s stock worth $462,000 after acquiring an additional 2,169 shares during the period. Brown Lisle Cummings Inc. raised its stake in DraftKings by 32.5% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares in the last quarter. Finally, Miracle Mile Advisors LLC boosted its holdings in DraftKings by 10.2% in the 2nd quarter. Miracle Mile Advisors LLC now owns 8,284 shares of the company’s stock valued at $316,000 after purchasing an additional 770 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. TD Cowen increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Finally, Barclays increased their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

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.