DraftKings (NASDAQ:DKNG) Director Woodrow Levin Sells 34,234 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

DraftKings Stock Down 0.9%

Shares of DKNG opened at $25.54 on Wednesday. The company’s fifty day moving average is $23.69 and its two-hundred day moving average is $28.03. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm has a market cap of $12.67 billion, a PE ratio of 425.67 and a beta of 1.67.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted ($0.07) EPS. The business’s revenue was up 16.8% on a year-over-year basis. Analysts forecast that DraftKings Inc. will post 0.56 earnings per share for the current year.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently modified their holdings of DKNG. Dagco Inc. bought a new stake in shares of DraftKings in the 4th quarter worth about $26,000. Ascentis Independent Advisors acquired a new position in shares of DraftKings in the 1st quarter valued at about $27,000. Ameriflex Group Inc. boosted 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 buying an additional 405 shares during the period. Root Financial Partners LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at about $33,000. Finally, Asset Dedication LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at about $37,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DKNG shares. Roth Mkm raised shares of DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price target on shares of DraftKings in a research note on Monday, May 11th. Stifel Nicolaus dropped their price target on shares of DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Canaccord Genuity Group dropped their price target on shares of DraftKings from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Finally, Citigroup lifted their price target on shares of DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Twenty-seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.32.

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.