Matthew Kalish Sells 210,000 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total value of $8,528,100.00. Following the completion of the transaction, the insider now owns 4,140,509 shares of the company's stock, valued at approximately $168,146,070.49. This represents a 4.83 % 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.

Matthew Kalish also recently made the following trade(s):

• On Friday, February 21st, Matthew Kalish sold 587,585 shares of DraftKings stock. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25.

DraftKings Price Performance

Shares of DKNG traded down $0.69 during midday trading on Friday, hitting $39.41. The company's stock had a trading volume of 20,415,107 shares, compared to its average volume of 9,584,424. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company's fifty day simple moving average is $42.06 and its two-hundred day simple moving average is $40.04. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $19.31 billion, a price-to-earnings ratio of -37.18, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

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DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays raised their price target on DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. Canaccord Genuity Group raised their price objective on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Susquehanna cut their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Cowen reaffirmed a "buy" rating on shares of DraftKings in a research report on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.44.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raiffeisen Bank International AG bought a new stake in DraftKings during the 4th quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the 4th quarter worth about $28,000. Stonebridge Financial Group LLC acquired a new position in DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new position in DraftKings during the 4th quarter worth about $30,000. Finally, Synergy Investment Management LLC acquired a new position in DraftKings during the 4th quarter worth about $37,000. Institutional investors own 37.70% of the company's stock.

DraftKings Company Profile

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.