DraftKings (NASDAQ:DKNG) Director Acquires $757,500.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) Director Harry Sloan acquired 25,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the transaction, the director directly owned 249,712 shares in the company, valued at $7,566,273.60. The trade was a 11.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

DraftKings Stock Down 0.4%

NASDAQ:DKNG opened at $29.58 on Friday. The company has a market cap of $14.72 billion, a price-to-earnings ratio of -51.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61. 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 fifty day simple moving average of $36.16 and a 200-day simple moving average of $39.28.

DraftKings (NASDAQ:DKNG) last posted 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 return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company posted ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in the stock. Ameriflex Group Inc. lifted its position in shares of DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after buying an additional 405 shares during the last quarter. Bank of Jackson Hole Trust purchased a new position in shares of DraftKings in the 1st quarter worth approximately $31,000. Root Financial Partners LLC bought a new position in shares of DraftKings during the 3rd quarter worth approximately $33,000. TD Private Client Wealth LLC lifted its position 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 last quarter. Finally, Summit Securities Group LLC grew its holdings in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DKNG. Bank of America lowered shares of DraftKings from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $48.00 to $35.00 in a research report on Tuesday, November 4th. UBS Group reduced their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a “hold” rating in a research report on Friday, August 8th. Berenberg Bank set a $43.00 price target on DraftKings and gave the stock a “buy” rating in a research report on Thursday, October 9th. Finally, BMO Capital Markets decreased their price objective on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. Twenty-six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.38.

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.