DraftKings (NASDAQ:DKNG) Insider Paul Liberman Sells 484,417 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

DraftKings Trading Up 2.3%

Shares of DKNG traded up $0.60 during mid-day trading on Friday, reaching $26.16. The company had a trading volume of 3,080,747 shares, compared to its average volume of 15,843,387. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of -655.35, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The firm has a fifty day simple moving average of $28.08 and a 200-day simple moving average of $33.50. DraftKings Inc. has a fifty-two week low of $21.01 and a fifty-two week high of $48.78. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently modified their holdings of the stock. Dagco Inc. purchased a new position in DraftKings in the 4th quarter worth approximately $26,000. Ameriflex Group Inc. lifted its position in shares of DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of DraftKings during the third quarter worth $33,000. Asset Dedication LLC purchased a new position in shares of DraftKings in the third quarter valued at $37,000. Finally, Montag A & Associates Inc. grew its holdings in DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Guggenheim set a $37.00 target price on DraftKings in a report on Tuesday, February 17th. JPMorgan Chase & Co. cut their price objective on DraftKings from $41.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, February 17th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of DraftKings in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, January 21st. Finally, Benchmark restated a “buy” rating on shares of DraftKings in a report on Tuesday, March 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.19.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.