Insider Selling: DraftKings (NASDAQ:DKNG) Insider Sells 62,500 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Price Performance

DKNG traded down $1.02 on Friday, reaching $29.00. The company had a trading volume of 14,361,038 shares, compared to its average volume of 14,380,117. The company has a market capitalization of $14.39 billion, a P/E ratio of 483.33 and a beta of 1.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a fifty day moving average of $24.34 and a 200-day moving average of $27.56. DraftKings Inc. has a one year low of $20.46 and a one year high of $48.78.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) earnings per share. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current year.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares during the period. Citigroup Inc. raised its holdings in DraftKings by 40.6% during the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock worth $72,547,000 after buying an additional 560,139 shares during the period. Bedell Frazier Investment Counselling LLC acquired a new stake in DraftKings during the 3rd quarter worth about $4,492,000. Waycross Partners LLC purchased a new stake in DraftKings during the fourth quarter valued at about $2,584,000. Finally, DAVENPORT & Co LLC boosted its holdings in shares of DraftKings by 11.2% in the fourth quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock worth $119,602,000 after buying an additional 348,333 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DKNG. Morgan Stanley reiterated an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. Northland Securities set a $27.00 price objective on DraftKings in a research note on Monday, May 11th. JPMorgan Chase & Co. lowered their target price on DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, April 16th. BNP Paribas Exane initiated coverage on DraftKings in a report on Thursday, May 14th. They set an “underperform” rating and a $20.00 target price on the stock. Finally, Argus lowered DraftKings from a “buy” rating to a “hold” rating in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

Key DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

DraftKings Company Profile

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.