R Stanton Dodge Sells 52,777 Shares of DraftKings (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $33.84, for a total value of $1,785,973.68. Following the transaction, the insider owned 512,182 shares of the company’s stock, valued at $17,332,238.88. The trade was a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

R Stanton Dodge also recently made the following trade(s):

• On Thursday, November 6th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $29.00, for a total value of $1,530,533.00.
• On Friday, October 17th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $34.57, for a total transaction of $1,824,500.89.

DraftKings Trading Down 0.8%

Shares of DKNG traded down $0.26 during trading hours on Tuesday, hitting $33.61. The company’s stock had a trading volume of 10,655,719 shares, compared to its average volume of 17,719,844. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The business has a 50 day simple moving average of $33.21 and a two-hundred day simple moving average of $38.99. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company posted ($0.60) earnings per share. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC lifted its position in DraftKings by 55.8% during the first quarter. Natixis Advisors LLC now owns 70,367 shares of the company’s stock valued at $2,337,000 after purchasing an additional 25,191 shares during the last quarter. Commerce Bank increased its holdings in shares of DraftKings by 32.0% in the 1st quarter. Commerce Bank now owns 30,053 shares of the company’s stock worth $998,000 after buying an additional 7,280 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of DraftKings by 21.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 43,315 shares of the company’s stock valued at $1,438,000 after buying an additional 7,652 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of DraftKings by 32.3% during the 1st quarter. Bank of Nova Scotia now owns 13,416 shares of the company’s stock worth $446,000 after acquiring an additional 3,273 shares during the last quarter. Finally, Blair William & Co. IL lifted its holdings in shares of DraftKings by 2,857.0% during the 1st quarter. Blair William & Co. IL now owns 561,854 shares of the company’s stock worth $18,659,000 after acquiring an additional 542,853 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DKNG. BTIG Research reduced their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, November 6th. Bank of America downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $48.00 to $35.00 in a report on Tuesday, November 4th. Stifel Nicolaus restated a “buy” rating and issued a $46.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $47.38.

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.