DraftKings Inc. (NASDAQ:DKNG) Insider Sells $6,174,909.00 in Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 158,331 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider now owns 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

R Stanton Dodge also recently made the following trade(s):

• On Monday, June 2nd, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $33.49, for a total value of $1,767,501.73.
• On Monday, May 5th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The stock was sold at an average price of $34.04, for a total transaction of $1,796,529.08.
• On Monday, April 21st, R Stanton Dodge sold 52,777 shares of DraftKings stock. The stock was sold at an average price of $32.28, for a total transaction of $1,703,641.56.

DraftKings Trading Up 2.3%

Shares of NASDAQ DKNG opened at $40.51 on Monday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a 50-day moving average of $35.50 and a 200 day moving average of $38.41. The stock has a market cap of $36.03 billion, a P/E ratio of -48.81, a price-to-earnings-growth ratio of 1.15 and a beta of 1.63.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating on shares of DraftKings in a research report on Friday, June 13th. Citigroup reiterated a “buy” rating on shares of DraftKings in a report on Friday, June 13th. JMP Securities cut their target price on DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 5th. Macquarie lowered their price target on DraftKings from $55.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, May 12th. Finally, Truist Financial dropped their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $54.41.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Beacon Pointe Advisors LLC grew its stake in shares of DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after buying an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after acquiring an additional 217 shares during the last quarter. Brooklyn Investment Group grew its stake in shares of DraftKings by 7.3% in the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after acquiring an additional 270 shares during the last quarter. Allworth Financial LP increased its holdings in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after acquiring an additional 271 shares in the last quarter. Finally, Snowden Capital Advisors LLC raised its position in shares of DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after purchasing an additional 296 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.