Jason Robins Sells 666,651 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 666,651 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their position. The transaction 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 Wednesday, February 12th, Jason Robins sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00.

DraftKings Stock Down 4.0 %

Shares of DKNG traded down $1.76 during mid-day trading on Tuesday, reaching $42.51. The company had a trading volume of 21,560,376 shares, compared to its average volume of 10,549,695. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a 50-day moving average price of $41.55 and a 200 day moving average price of $39.58. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a market capitalization of $20.83 billion, a price-to-earnings ratio of -40.10, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DKNG shares. Truist Financial boosted their target price on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. 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, February 14th. Barclays boosted their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Benchmark boosted their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. upped their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in DKNG. Janus Henderson Group PLC raised its stake in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after buying an additional 9,352,019 shares during the last quarter. Norges Bank purchased a new stake in DraftKings during the 4th quarter valued at $276,328,000. FMR LLC raised its stake in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. purchased a new stake in DraftKings during the 4th quarter valued at $246,765,000. Finally, Eminence Capital LP purchased a new stake in DraftKings during the 4th quarter valued at $65,255,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.