DraftKings (NASDAQ:DKNG) Insider R Stanton Dodge Sells 62,500 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Price Performance

Shares of DKNG opened at $29.00 on Friday. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The firm’s 50 day moving average price is $24.47 and its 200 day moving average price is $27.57. The company has a market cap of $14.39 billion, a P/E ratio of 483.33 and a beta of 1.66. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned ($0.07) earnings per share. DraftKings’s quarterly revenue was up 16.8% on a year-over-year basis. On average, research analysts forecast that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DraftKings

A number of large investors have recently bought and sold shares of DKNG. Dagco Inc. purchased a new position in shares of DraftKings in the 4th quarter valued at about $26,000. Ascentis Independent Advisors acquired a new stake in DraftKings in the 1st quarter valued at about $27,000. Ameriflex Group Inc. boosted its stake in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares during the last quarter. Asset Dedication LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth about $37,000. Finally, Montag A & Associates Inc. boosted its stake in shares of DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on DKNG shares. Guggenheim lowered their price target on shares of DraftKings from $37.00 to $35.00 and set a “buy” rating for the company in a report on Monday, May 11th. Weiss Ratings cut shares of DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Jefferies Financial Group reiterated a “buy” rating on shares of DraftKings in a report on Wednesday. Scotiabank upgraded shares of DraftKings to an “outperform” rating in a report on Friday, April 24th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $32.00 price target on shares of DraftKings in a report on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.21.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

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.