Key Points
- DraftKings insider R. Stanton Dodge sold 62,500 shares on June 11 at an average price of $29.68, totaling about $1.86 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Dodge still held 556,258 shares, though his ownership fell by 10.10%. The filing shows he remains a significant shareholder in the company.
- DraftKings recently posted mixed quarterly results, beating revenue expectations with $1.65 billion in sales but missing EPS estimates by $0.02. Analysts remain generally constructive, with a consensus rating of Moderate Buy and an average price target of $34.21.
DraftKings Inc. (NASDAQ:DKNG - Get Free Report) insider R Stanton Dodge sold 62,500 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
DraftKings Price Performance
DKNG opened at $29.00 on Friday. The company's 50 day simple moving average is $24.47 and its 200 day simple moving average is $27.57. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The stock has a market capitalization of $14.39 billion, a PE ratio of 483.33 and a beta of 1.66.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted ($0.07) earnings per share. DraftKings's revenue was up 16.8% on a year-over-year basis. As a group, sell-side analysts expect that DraftKings Inc. will post 0.6 EPS for the current year.
Hedge Funds Weigh In On DraftKings
Several hedge funds and other institutional investors have recently modified their holdings of DKNG. Viking Global Investors LP acquired a new position in shares of DraftKings during the third quarter valued at $561,125,000. Capital World Investors boosted its holdings in shares of DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company's stock valued at $641,867,000 after acquiring an additional 12,008,357 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company's stock valued at $858,893,000 after acquiring an additional 8,524,923 shares during the period. Norges Bank bought a new stake in shares of DraftKings during the fourth quarter valued at about $284,466,000. Finally, Spruce House Investment Management LLC raised its stake 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 valued at $208,633,000 after purchasing an additional 5,446,166 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
Key Stories Impacting DraftKings
Here are the key news stories impacting DraftKings this week:
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on DKNG shares. Mizuho lifted their price objective on shares of DraftKings from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Jefferies Financial Group restated a "buy" rating on shares of DraftKings in a research note on Wednesday. JPMorgan Chase & Co. dropped their price target on shares of DraftKings from $32.00 to $31.00 and set an "overweight" rating for the company in a research note on Thursday, April 16th. Bank of America dropped their price target on shares of DraftKings from $37.50 to $30.00 and set a "neutral" rating for the company in a research note on Friday, February 13th. Finally, Weiss Ratings lowered shares of DraftKings from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $34.21.
Check Out Our Latest Research Report on DKNG
DraftKings Company Profile
(
Get Free Report)
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.
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