DraftKings Inc. (NASDAQ:DKNG) Insider Matthew Kalish Sells 210,000 Shares

DraftKings Inc. (NASDAQ:DKNG) insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider now owns 4,155,130 shares in the company, valued at $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Matthew Kalish also recently made the following trade(s):

• On Tuesday, March 4th, Matthew Kalish sold 210,000 shares of DraftKings stock. The shares were sold at an average price of $40.61, for a total value of $8,528,100.00.
• On Friday, February 21st, Matthew Kalish sold 587,585 shares of DraftKings stock. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25.

DraftKings Price Performance

DKNG stock opened at $37.68 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market cap of $33.27 billion, a P/E ratio of -35.55, a P/E/G ratio of 1.43 and a beta of 1.89. The company’s 50-day moving average price is $35.32 and its two-hundred day moving average price is $39.30.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on DKNG. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Piper Sandler reiterated an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Morgan Stanley upped their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Macquarie cut their price objective on DraftKings from $55.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Barclays decreased their target price on DraftKings from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $55.04.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently modified their holdings of the business. Raiffeisen Bank International AG bought a new stake in shares of DraftKings during the 4th quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the fourth quarter worth about $28,000. Stonebridge Financial Group LLC bought a new position in shares of DraftKings in the fourth quarter worth about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings in the 4th quarter valued at approximately $30,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $26,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.