Jocelyn Moore Sells 10,759 Shares of DraftKings (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) Director Jocelyn Moore sold 10,759 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total value of $258,753.95. Following the completion of the sale, the director owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. This trade represents a 85.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

DraftKings Stock Performance

DraftKings stock opened at $26.17 on Friday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The stock has a market cap of $12.99 billion, a price-to-earnings ratio of -68.87 and a beta of 1.66. The stock’s 50 day simple moving average is $25.08 and its two-hundred day simple moving average is $24.59.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, analysts expect that DraftKings Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on DKNG. Northland Securities set a $28.00 target price on shares of DraftKings in a report on Monday, August 10th. Mizuho increased their price target on shares of DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of DraftKings in a research report on Monday, May 11th. New Street Research set a $29.00 price objective on DraftKings in a research report on Monday, June 1st. Finally, Citigroup increased their target price on DraftKings from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.11.

Institutional Trading of DraftKings

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the last quarter. Renaissance Technologies LLC bought a new position in DraftKings in the 1st quarter worth $17,660,000. Spruce House Investment Management LLC grew its position in shares of DraftKings by 129.6% during the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock worth $208,633,000 after purchasing an additional 5,446,166 shares in the last quarter. Janus Henderson Group PLC grew its holdings in DraftKings by 9.3% during the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after buying an additional 2,351,790 shares in the last quarter. Finally, Aurora Investment Counsel purchased a new position in DraftKings during the fourth quarter valued at $2,157,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.