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

DraftKings Inc. (NASDAQ:DKNG – Get Rating) insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $23.99, for a total value of $4,798,000.00. Following the completion of the sale, the insider now owns 5,456,029 shares in the company, valued at approximately $130,890,135.71. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Monday, May 22nd, Jason Robins sold 150,000 shares of DraftKings stock. The stock was sold at an average price of $25.01, for a total value of $3,751,500.00.
• On Monday, May 8th, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $24.34, for a total value of $4,868,000.00.
• On Friday, April 21st, Jason Robins sold 200,000 shares of DraftKings stock. The stock was sold at an average price of $21.72, for a total value of $4,344,000.00.
• On Monday, March 27th, Jason Robins sold 300,000 shares of DraftKings stock. The shares were sold at an average price of $17.72, for a total value of $5,316,000.00.
• On Tuesday, March 14th, Jason Robins sold 280,704 shares of DraftKings stock. The shares were sold at an average price of $18.44, for a total value of $5,176,181.76.

DraftKings Trading Down 3.8 %

NASDAQ:DKNG opened at $24.27 on Wednesday. The business’s 50-day moving average is $20.64 and its two-hundred day moving average is $17.01. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.47 and a quick ratio of 1.47. DraftKings Inc. has a 12 month low of $10.52 and a 12 month high of $26.41. The firm has a market capitalization of $20.75 billion, a PE ratio of -8.37 and a beta of 1.80.

Analysts Set New Price Targets

A number of equities research analysts have commented on DKNG shares. Truist Financial increased their target price on DraftKings from $23.00 to $26.00 in a report on Monday, May 8th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $17.00 target price on the stock in a report on Thursday, April 13th. SpectralCast reiterated a “maintains” rating on shares of DraftKings in a report on Monday, May 8th. Morgan Stanley raised their price objective on DraftKings from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 22nd. Finally, Oppenheimer raised their price objective on DraftKings from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, May 5th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Hold” and an average target price of $24.80.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Armstrong Advisory Group Inc. purchased a new position in DraftKings in the fourth quarter valued at about $25,000. Ellevest Inc. grew its stake in shares of DraftKings by 1,005.5% during the third quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock valued at $30,000 after acquiring an additional 1,830 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of DraftKings during the first quarter valued at about $30,000. Barrett & Company Inc. acquired a new stake in shares of DraftKings during the first quarter valued at about $32,000. Finally, Baystate Wealth Management LLC grew its stake in shares of DraftKings by 229.4% during the fourth quarter. Baystate Wealth Management LLC now owns 3,294 shares of the company’s stock valued at $38,000 after acquiring an additional 2,294 shares in the last quarter. 30.60% of the stock is owned by hedge funds and other institutional investors.

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.