Alan Wayne Ellingson Sells 158,661 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

DraftKings Trading Down 1.4 %

Shares of DKNG opened at $42.74 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $41.71 and a 200-day simple moving average of $39.63. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of -40.32, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Equities analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on DKNG shares. Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. JMP Securities reiterated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Morgan Stanley lifted their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday. Finally, TD Cowen cut their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Three investment 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, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DKNG. Janus Henderson Group PLC raised its position in shares of DraftKings by 31,346.8% in the fourth 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 in the 4th quarter worth approximately $276,328,000. FMR LLC raised its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. purchased a new position in shares of DraftKings during the 4th quarter worth $246,765,000. Finally, Eminence Capital LP acquired a new stake in shares of DraftKings during the fourth quarter worth $65,255,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.