Jason Robins Sells 666,651 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Jason Robins sold 666,651 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, February 12th, Jason Robins sold 200,000 shares of DraftKings stock. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00.

DraftKings Price Performance

Shares of DKNG traded down $1.76 during trading hours on Tuesday, reaching $42.51. 21,560,376 shares of the stock traded hands, compared to its average volume of 10,549,695. The company’s 50-day moving average price is $41.55 and its two-hundred day moving average price is $39.58. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market cap of $20.83 billion, a P/E ratio of -40.10, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on DKNG shares. Benchmark upped their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. BTIG Research set a $59.00 price objective on DraftKings in a research report on Monday, February 3rd. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, TD Cowen decreased their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently modified their holdings of the stock. Raiffeisen Bank International AG purchased a new position in shares of DraftKings in the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the 4th quarter worth $28,000. Stonebridge Financial Group LLC purchased a new position in DraftKings during the 4th quarter valued at about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings in the fourth quarter worth approximately $30,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $37,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.