Paul Liberman Sells 532,095 Shares of DraftKings Inc. (NASDAQ:DKNG) Stock

DraftKings Inc. (NASDAQ:DKNG) insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Paul Liberman also recently made the following trade(s):

• On Friday, October 25th, Paul Liberman sold 88,441 shares of DraftKings stock. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81.

DraftKings Trading Down 1.4 %

Shares of NASDAQ:DKNG opened at $37.92 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The stock has a market capitalization of $33.39 billion, a price-to-earnings ratio of -43.09 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day simple moving average is $40.29 and its two-hundred day simple moving average is $38.13.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP increased its holdings in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares in the last quarter. FMR LLC boosted its stake in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares in the last quarter. Finally, Fred Alger Management LLC raised its stake in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on DKNG shares. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Morgan Stanley raised their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. JMP Securities raised their price objective on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

About DraftKings

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.