Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 210,000 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the sale, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. The trade was a 4.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Matthew Kalish also recently made the following trade(s):

• On Tuesday, March 4th, Matthew Kalish sold 210,000 shares of DraftKings stock. The shares were sold at an average price of $40.61, for a total value of $8,528,100.00.
• On Friday, February 21st, Matthew Kalish sold 587,585 shares of DraftKings stock. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25.

DraftKings Stock Performance

Shares of DKNG stock opened at $38.25 on Thursday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $33.77 billion, a price-to-earnings ratio of -36.08, a P/E/G ratio of 1.43 and a beta of 1.89. The stock’s fifty day simple moving average is $35.30 and its 200-day simple moving average is $39.29.

DraftKings (NASDAQ:DKNG) last issued 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on DKNG shares. Cfra Research raised DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Jefferies Financial Group set a $60.00 target price on DraftKings and gave the company a “buy” rating in a research note on Sunday, April 13th. JMP Securities set a $57.00 target price on DraftKings in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. lifted their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, TD Securities dropped their price objective on DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $55.04.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after purchasing an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after purchasing an additional 130,434 shares during the last quarter. FMR LLC boosted its position in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC boosted its position in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its position in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after purchasing an additional 1,756,778 shares during the last quarter. Hedge funds and other institutional investors 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.