Paul Liberman Sells 200,000 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, December 26th, Paul Liberman sold 532,095 shares of DraftKings stock. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50.
• On Friday, October 25th, Paul Liberman sold 88,441 shares of DraftKings stock. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81.

DraftKings Stock Up 3.0 %

DKNG stock opened at $39.49 on Friday. The stock has a 50-day simple moving average of $40.49 and a two-hundred day simple moving average of $37.90. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The firm has a market capitalization of $34.78 billion, a PE ratio of -44.87 and a beta of 1.90. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, equities analysts predict that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently made changes to their positions in DKNG. Marshall Wace LLP raised its holdings in shares of DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after purchasing an additional 1,493,995 shares in the last quarter. Fred Alger Management LLC lifted its position in DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. Blue Whale Capital LLP purchased a new position in DraftKings in the 2nd quarter worth approximately $39,306,000. Finally, AQR Capital Management LLC increased its holdings in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after buying an additional 870,789 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on DKNG. TD Cowen increased their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Finally, Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of DraftKings in a report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.08.

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.