DraftKings Inc. (NASDAQ:DKNG) Insider Jason Robins Sells 200,000 Shares

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Jason Robins also recently made the following trade(s):

• On Wednesday, February 21st, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00.

DraftKings Stock Performance

Shares of DraftKings stock opened at $40.85 on Thursday. The firm has a fifty day moving average of $43.63 and a two-hundred day moving average of $38.24. The stock has a market capitalization of $35.40 billion, a price-to-earnings ratio of -23.34 and a beta of 1.86. DraftKings Inc. has a 52 week low of $20.26 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business’s revenue was up 43.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.53) EPS. As a group, equities research analysts predict that DraftKings Inc. will post -0.25 EPS for the current year.

Institutional Trading of DraftKings

Several institutional investors and hedge funds have recently made changes to their positions in the business. Summit Financial LLC raised its position in shares of DraftKings by 22.1% during the 1st quarter. Summit Financial LLC now owns 59,951 shares of the company’s stock valued at $2,722,000 after acquiring an additional 10,868 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of DraftKings by 18.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 101,254 shares of the company’s stock valued at $4,598,000 after buying an additional 15,593 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in shares of DraftKings in the 1st quarter valued at $738,000. Simplicity Wealth LLC bought a new stake in shares of DraftKings in the 1st quarter valued at $1,192,000. Finally, Assenagon Asset Management S.A. increased its position in shares of DraftKings by 971.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 824,011 shares of the company’s stock valued at $37,418,000 after buying an additional 747,134 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on DKNG shares. The Goldman Sachs Group started coverage on DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective on the stock. Bank Of America (Bofa) lifted their price objective on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Oppenheimer lifted their price objective on DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. BNP Paribas downgraded DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a report on Friday, January 19th. Finally, Needham & Company LLC lifted their price objective on DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.31.

About DraftKings

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.