DraftKings (NASDAQ:DKNG) Director Jocelyn Moore Sells 10,759 Shares

DraftKings Inc. (NASDAQ:DKNG) Director Jocelyn Moore sold 10,759 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the sale, the director owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. This represents a 85.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Stock Down 1.1%

DraftKings stock opened at $25.03 on Friday. The firm has a market capitalization of $12.43 billion, a PE ratio of -65.87 and a beta of 1.66. The company’s 50-day moving average is $25.13 and its 200-day moving average is $24.58. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business posted $0.30 EPS. DraftKings’s revenue was down 4.6% on a year-over-year basis. Sell-side analysts anticipate that DraftKings Inc. will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently bought and sold shares of DKNG. Vanguard Group Inc. grew its holdings in shares of DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Renaissance Technologies LLC bought a new position in DraftKings in the 1st quarter valued at approximately $17,660,000. Spruce House Investment Management LLC raised its holdings in DraftKings by 129.6% in the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after buying an additional 5,446,166 shares during the last quarter. Janus Henderson Group PLC boosted its position in DraftKings by 9.3% during the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock worth $588,288,000 after buying an additional 2,351,790 shares during the period. Finally, Aurora Investment Counsel bought a new stake in DraftKings during the 4th quarter worth approximately $2,157,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DKNG. HSBC raised DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. BNP Paribas Exane started coverage on shares of DraftKings in a research report on Thursday, May 14th. They set an “underperform” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of DraftKings from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. New Street Research set a $29.00 price objective on shares of DraftKings in a research report on Monday, June 1st. Finally, Susquehanna cut their target price on shares of DraftKings from $32.00 to $31.00 and set a “positive” rating for the company in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.11.

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.