Insider Selling: DraftKings (NASDAQ:DKNG) Director Sells 34,234 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

DraftKings Stock Down 0.9%

DKNG stock traded down $0.24 during trading on Tuesday, reaching $25.54. 8,190,885 shares of the stock were exchanged, compared to its average volume of 14,391,479. The firm’s 50 day moving average is $23.68 and its 200 day moving average is $28.07. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm has a market cap of $12.67 billion, a P/E ratio of 425.67 and a beta of 1.67.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period last year, the company earned ($0.07) earnings per share. As a group, research analysts forecast that DraftKings Inc. will post 0.56 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on DKNG shares. Northland Securities set a $27.00 price objective on DraftKings in a research note on Monday, May 11th. UBS Group lowered their price objective on DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, March 16th. Wedbush started coverage on DraftKings in a research note on Friday, April 24th. They issued an “outperform” rating for the company. Susquehanna lowered their price objective on DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Tuesday, March 31st. Finally, BTIG Research increased their price objective on DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Twenty-seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $34.32.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of the business. IHT Wealth Management LLC increased its position in shares of DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in shares of DraftKings by 3.1% during the third quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock valued at $397,000 after acquiring an additional 321 shares during the last quarter. Huntleigh Advisors Inc. increased its position in shares of DraftKings by 0.8% during the third quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock valued at $1,632,000 after acquiring an additional 363 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of DraftKings by 45.6% during the third quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock valued at $44,000 after acquiring an additional 365 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in shares of DraftKings by 3.8% during the fourth quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock valued at $357,000 after acquiring an additional 379 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

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.