DraftKings (NASDAQ:DKNG) Director Sells $258,753.95 in Stock

DraftKings Inc. (NASDAQ:DKNG) Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the transaction, the director owned 1,881 shares in the company, valued at $45,238.05. This trade represents a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Stock Performance

NASDAQ:DKNG traded down $0.28 during mid-day trading on Thursday, hitting $25.03. 8,261,896 shares of the company traded hands, compared to its average volume of 13,719,638. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22. The stock’s fifty day moving average price is $25.13 and its 200-day moving average price is $24.58. The firm has a market cap of $12.43 billion, a price-to-earnings ratio of -65.87 and a beta of 1.66. DraftKings Inc. has a one year low of $20.46 and a one year high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the company earned $0.30 earnings per share. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. Research analysts anticipate that DraftKings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on DKNG shares. Morgan Stanley lowered their price target on shares of DraftKings from $39.00 to $36.00 and set an “overweight” rating on the stock in a report on Thursday, July 23rd. Stifel Nicolaus decreased their price objective on shares of DraftKings from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. TD Cowen upped their target price on shares of DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Sanford C. Bernstein set a $27.00 price target on DraftKings in a research note on Thursday, August 6th. Finally, Stephens initiated coverage on DraftKings in a research report on Friday, April 24th. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.11.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ascentis Independent Advisors purchased a new stake in shares of DraftKings in the first quarter worth about $27,000. Basecamp Wealth Advisors LLC grew its holdings in DraftKings by 3,547.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after buying an additional 1,206 shares in the last quarter. CoreCap Advisors LLC increased its stake in DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after acquiring an additional 885 shares during the last quarter. Montag A & Associates Inc. increased its stake in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. Finally, SHP Wealth Management bought a new stake in DraftKings in the 4th quarter worth approximately $42,000. 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.