Jason Robins Sells 280,704 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG – Get Rating) insider Jason Robins sold 280,704 shares of the business’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $18.44, for a total value of $5,176,181.76. Following the completion of the sale, the insider now directly owns 6,747,192 shares of the company’s stock, valued at $124,418,220.48. The sale was disclosed in a legal filing with the SEC, which is available through this link.

DraftKings Price Performance

Shares of DKNG stock opened at $18.51 on Friday. The company’s fifty day simple moving average is $16.65 and its two-hundred day simple moving average is $15.25. DraftKings Inc. has a 1 year low of $9.77 and a 1 year high of $21.62. The stock has a market capitalization of $15.63 billion, a price-to-earnings ratio of -5.84 and a beta of 1.81.

DraftKings (NASDAQ:DKNG – Get Rating) last issued its earnings results on Thursday, February 16th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.10. DraftKings had a negative net margin of 61.51% and a negative return on equity of 87.08%. The business had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $799.29 million. During the same quarter in the previous year, the firm posted ($0.80) EPS. The business’s revenue for the quarter was up 80.8% compared to the same quarter last year. Equities research analysts anticipate that DraftKings Inc. will post -2.07 EPS for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of research analyst reports. Argus raised DraftKings from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Tuesday, March 7th. Stifel Nicolaus lifted their price target on DraftKings from $15.00 to $17.00 and gave the company a “hold” rating in a research note on Wednesday, February 15th. BTIG Research lifted their price target on DraftKings from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday. JMP Securities lifted their price target on DraftKings from $23.00 to $26.00 and gave the company a “market outperform” rating in a research note on Tuesday, February 21st. Finally, Needham & Company LLC lifted their price target on DraftKings from $20.00 to $28.00 in a research note on Tuesday, February 21st. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $22.47.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in DraftKings by 6.5% during the 3rd quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock valued at $524,322,000 after acquiring an additional 2,121,342 shares during the period. ARK Investment Management LLC increased its holdings in shares of DraftKings by 1.3% in the fourth quarter. ARK Investment Management LLC now owns 25,032,084 shares of the company’s stock worth $285,115,000 after purchasing an additional 314,790 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of DraftKings by 6.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,991,943 shares of the company’s stock worth $159,368,000 after purchasing an additional 798,877 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in shares of DraftKings by 6.1% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 13,991,943 shares of the company’s stock worth $159,368,000 after purchasing an additional 798,877 shares during the period. Finally, Contrarius Investment Management Ltd bought a new position in shares of DraftKings in the second quarter worth $69,110,000. Institutional investors own 30.60% of the company’s stock.

About DraftKings

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.