Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells $9,000,000.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was 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 hyperlink.

Jason Robins also recently made the following trade(s):

• On Thursday, November 21st, Jason Robins sold 3,151 shares of DraftKings stock. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21.

DraftKings Stock Up 15.2 %

Shares of NASDAQ DKNG opened at $53.49 on Monday. The stock has a fifty day moving average price of $40.54 and a 200 day moving average price of $38.77. The company has a market cap of $26.08 billion, a P/E ratio of -60.78, a P/E/G ratio of 3.18 and a beta of 1.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. 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 released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Research analysts anticipate that DraftKings Inc. will post -0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several research reports. Macquarie lifted their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Barclays upped their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Susquehanna dropped their price objective 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 boosted their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Finally, TD Cowen decreased their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $51.64.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Praetorian PR LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $15,252,000. Bienville Capital Management LLC increased its holdings in DraftKings by 88.7% during the 4th quarter. Bienville Capital Management LLC now owns 521,260 shares of the company’s stock worth $19,391,000 after purchasing an additional 245,032 shares during the last quarter. Bwcp LP raised its position in shares of DraftKings by 23.7% in the 4th quarter. Bwcp LP now owns 492,923 shares of the company’s stock valued at $18,337,000 after purchasing an additional 94,582 shares in the last quarter. JAT Capital Mgmt LP purchased a new position in shares of DraftKings during the 4th quarter valued at approximately $8,498,000. Finally, Comerica Bank grew its position in shares of DraftKings by 32.8% during the fourth quarter. Comerica Bank now owns 185,144 shares of the company’s stock worth $6,887,000 after buying an additional 45,767 shares in 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.