DraftKings (NASDAQ:DKNG) CFO Sells $246,145.83 in Stock

DraftKings Inc. (NASDAQ:DKNG) CFO Alan Wayne Ellingson sold 8,421 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the completion of the transaction, the chief financial officer directly owned 126,990 shares in the company, valued at $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Alan Wayne Ellingson also recently made the following trade(s):

• On Tuesday, August 19th, Alan Wayne Ellingson sold 44,693 shares of DraftKings stock. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.11 during midday trading on Friday, hitting $29.58. The company had a trading volume of 17,285,287 shares, compared to its average volume of 20,643,100. The business’s 50-day simple moving average is $36.50 and its 200-day simple moving average is $39.31. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.34. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned ($0.60) earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. Analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Berenberg Bank set a $43.00 price target on shares of DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Guggenheim cut their target price on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday. Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Stifel Nicolaus reiterated a “buy” rating and set a $46.00 price target (down from $50.00) on shares of DraftKings in a report on Monday. Finally, Truist Financial cut their price objective on DraftKings from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday. Twenty-six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.38.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of DKNG. TD Private Client Wealth LLC increased its holdings in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares during the last quarter. Ameriflex Group Inc. increased its holdings in shares of DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the last quarter. Root Financial Partners LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth about $33,000. Bank of Jackson Hole Trust purchased a new stake in DraftKings during the first quarter worth approximately $31,000. Finally, Summit Securities Group LLC boosted its holdings in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

About DraftKings

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.