Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells $20,379,238.50 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Paul Liberman also recently made the following trade(s):

• On Friday, October 25th, Paul Liberman sold 88,441 shares of DraftKings stock. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81.

DraftKings Stock Performance

DraftKings stock opened at $37.92 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market cap of $33.39 billion, a P/E ratio of -43.09 and a beta of 1.87. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The firm has a 50-day moving average of $40.29 and a 200-day moving average of $38.12.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Sell-side analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Institutional Trading of DraftKings

Several large investors have recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. lifted its position in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Oddo BHF Asset Management Sas bought a new position in DraftKings in the third quarter worth about $1,191,000. Wilmington Savings Fund Society FSB purchased a new stake in DraftKings in the third quarter worth about $304,000. Pine Valley Investments Ltd Liability Co boosted its position in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares in the last quarter. Finally, Anchor Investment Management LLC grew its holdings in shares of DraftKings by 11.9% during the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock worth $369,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the subject of several research analyst reports. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Barclays lifted their price target on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Wells Fargo & Company raised their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.00.

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.