Insider Selling: DraftKings (NASDAQ:DKNG) Director Sells $880,156.14 in Stock

DraftKings Inc. (NASDAQ:DKNG) Director Woodrow Levin sold 34,234 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

DraftKings Stock Performance

NASDAQ DKNG opened at $25.40 on Friday. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $12.60 billion, a P/E ratio of 423.33 and a beta of 1.67. The company has a fifty day moving average of $23.69 and a 200-day moving average of $27.96.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the company earned ($0.07) EPS. The firm’s revenue was up 16.8% compared to the same quarter last year. As a group, equities research analysts predict that DraftKings Inc. will post 0.62 EPS for the current fiscal year.

Analyst Ratings Changes

DKNG has been the topic of a number of research reports. Citigroup raised their price objective on DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Guggenheim reduced their price target on shares of DraftKings from $37.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. BNP Paribas Exane began coverage on shares of DraftKings in a research note on Thursday, May 14th. They set an “underperform” rating and a $20.00 price target on the stock. Deutsche Bank Aktiengesellschaft lowered shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Twenty-seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.32.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently bought and sold shares of DKNG. Massachusetts Financial Services Co. MA raised its holdings in DraftKings by 1.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock valued at $279,494,000 after buying an additional 79,152 shares during the last quarter. Vanguard Group Inc. grew its holdings in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the last quarter. Citigroup Inc. increased its position in shares of DraftKings by 40.6% in the third quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after acquiring an additional 560,139 shares during the period. Bedell Frazier Investment Counselling LLC purchased a new position in shares of DraftKings in the third quarter valued at about $4,492,000. Finally, Waycross Partners LLC bought a new position in shares of DraftKings during the fourth quarter valued at about $2,584,000. 37.70% of the stock is currently owned by 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.