Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 587,585 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

DraftKings Stock Down 4.0 %

DraftKings stock opened at $42.51 on Wednesday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week 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 market capitalization of $20.83 billion, a price-to-earnings ratio of -40.10, a PEG ratio of 1.43 and a beta of 1.93. The company’s 50 day simple moving average is $41.55 and its 200 day simple moving average is $39.58.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DKNG shares. Wells Fargo & Company increased their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Morgan Stanley boosted their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday. Barclays raised their price target on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Finally, Susquehanna lowered their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.44.

Institutional Trading of DraftKings

Large investors have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its stake in DraftKings by 2,423.0% in the fourth quarter. Mackenzie Financial Corp now owns 321,456 shares of the company’s stock valued at $11,958,000 after buying an additional 308,715 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of DraftKings by 44.6% during the fourth quarter. Toronto Dominion Bank now owns 99,784 shares of the company’s stock worth $3,712,000 after acquiring an additional 30,779 shares during the period. Warm Springs Advisors Inc. bought a new position in DraftKings during the 4th quarter worth about $1,860,000. Highview Capital Management LLC DE lifted its holdings in shares of DraftKings by 1.4% in the fourth quarter. Highview Capital Management LLC DE now owns 42,474 shares of the company’s stock valued at $1,580,000 after purchasing an additional 580 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $1,584,000. 37.70% of the stock is owned by institutional investors.

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.