Key Points
- DraftKings director Jocelyn Moore sold 10,759 shares for approximately $258,754 under a pre-arranged Rule 10b5-1 trading plan, reducing her direct ownership by 85.12% to 1,881 shares.
- DraftKings reported quarterly EPS of $0.09, beating estimates of $0.02, but revenue of $1.44 billion fell short of the $1.51 billion consensus and declined 4.6% year over year.
- Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $34.11 versus the stock’s reported $25.03 opening price.
DraftKings Inc. (NASDAQ:DKNG - Get Free Report) Director Jocelyn Moore sold 10,759 shares of the firm's stock in a transaction 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 transaction, the director directly owned 1,881 shares of the company's stock, valued at approximately $45,238.05. This represents a 85.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
DraftKings Stock Down 1.1%
Shares of DKNG opened at $25.03 on Friday. The stock's 50-day moving average price is $25.13 and its two-hundred day moving average price is $24.58. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a market capitalization of $12.43 billion, a PE ratio of -65.87 and a beta of 1.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22.
DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.07. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.51 billion. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The firm's revenue was down 4.6% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. On average, analysts anticipate that DraftKings Inc. will post 0.51 EPS for the current year.
Wall Street Analyst Weigh In
DKNG has been the topic of a number of recent analyst reports. Guggenheim dropped their price target on shares of DraftKings from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. Wedbush began coverage on shares of DraftKings in a research report on Friday, April 24th. They set an "outperform" rating for the company. UBS Group lifted their target price on shares of DraftKings from $43.00 to $49.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Northland Securities set a $28.00 target price on shares of DraftKings in a report on Monday, August 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of DraftKings from $34.00 to $33.00 and set an "overweight" rating on the stock in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $34.11.
Read Our Latest Analysis on DKNG
Institutional Trading of DraftKings
Several hedge funds have recently modified their holdings of DKNG. Viking Global Investors LP bought a new stake in DraftKings in the third quarter valued at $561,125,000. Capital World Investors increased 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 in the last quarter. Janus Henderson Group PLC raised its position 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 worth $858,893,000 after purchasing an additional 8,524,923 shares during the period. Norges Bank bought a new position in shares of DraftKings in the 4th quarter worth $284,466,000. Finally, Spruce House Investment Management LLC lifted its holdings in shares of DraftKings by 129.6% in the 1st 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. Institutional investors own 37.70% of the company's stock.
About DraftKings
(
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.
Further Reading
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