Alan Wayne Ellingson Sells 8,421 Shares of DraftKings (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the transaction, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. This trade represents a 6.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Alan Wayne Ellingson also recently made the following trade(s):

• On Tuesday, August 19th, Alan Wayne Ellingson sold 44,693 shares of DraftKings stock. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70.

DraftKings Trading Down 0.4%

Shares of NASDAQ:DKNG opened at $29.58 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $14.72 billion, a PE ratio of -51.89, a P/E/G ratio of 0.99 and a beta of 1.86. DraftKings Inc. has a 1 year low of $26.23 and a 1 year high of $53.61. The firm has a fifty day moving average price of $36.16 and a 200 day moving average price of $39.33.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.60) EPS. Analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DKNG shares. Northland Capmk raised DraftKings from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Citigroup reduced their price objective on shares of DraftKings from $56.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Macquarie decreased their price objective on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Mizuho dropped their target price on shares of DraftKings from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. Twenty-six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.38.

Hedge Funds Weigh In On DraftKings

Several large investors have recently bought and sold shares of DKNG. Ameriflex Group Inc. grew its position in DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in shares of DraftKings in the first quarter valued at about $31,000. Root Financial Partners LLC acquired a new stake in DraftKings during the third quarter worth about $33,000. TD Private Client Wealth LLC increased its stake in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the period. Finally, Summit Securities Group LLC raised its holdings in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after acquiring an additional 810 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.