Selling Buzz: DraftKings Inc. [DKNG] insider Robins Jason sells 320,356 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. DraftKings Inc. shares valued at $5,567,490 were sold by Robins Jason on Mar 16. At $17.38 per share, Robins Jason sold 320,356 shares. The insider’s holdings dropped to 4,253,837 shares worth approximately $69.59 million following the completion of this transaction.


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Also, Robins Jason sold 338,027 shares, netting a total of over 5,265,645 in proceeds. Following the sale of shares at $15.58 each, the insider now holds 4,574,193 shares.

Before that, SLOAN HARRY had added 50,000 shares to its account. In a trade valued at $769,500, the Director bought DraftKings Inc. shares for $15.39 each. Upon closing the transaction, the insider’s holdings increased to 50,000 shares, worth approximately $2.5 million.

As published in their initiating research note from Barclays on June 29, 2022, DraftKings Inc. [DKNG] has been an Equal weight and the price target has been revised to $14. This represents a -16.86% premium over Thursday’s closing price. Analysts at JMP Securities started covering the stock with ‘”a Mkt outperform”‘ outlook in a report released in late June.

Analyzing DKNG’s Price Performance

On Thursday, DraftKings Inc. [NASDAQ: DKNG] plunged -2.73% to $16.36. The stock’s lowest price that day was $15.98, but it reached a high of $16.95 in the same session. During the last five days, there has been a surge of approximately 19.16%. Over the course of the year, DraftKings Inc. shares have dropped approximately -40.44%. Shares of the company reached a 52-week high of $28.55 on 01/03/22 and a 52-week low of $9.77 on 05/12/22. A 50-day SMA is recorded $13.15, while a 200-day SMA reached $22.14. Nevertheless, trading volume fell to 25.42 million shares from 26.1 million shares the previous day.

Support And Resistance Levels for DraftKings Inc. (DKNG)

According to the 24-hour chart, there is a support level at 15.91, which, if violated, would cause prices to drop to 15.46. In the upper region, resistance lies at 16.88. The next price resistance is at 17.40. RSI (Relative Strength Index) is 65.53 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.01, which suggests the price will increase in the coming days. Percent R is at 13.44%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is DraftKings Inc. subject to short interest?

Stocks of DraftKings Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -1.58 million shares to 40.1 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 41.68 million shares. A decline of -3.94% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.28 of the overall float, the days-to-cover ratio (short ratio) decline to 2.28.

Which companies own the most shares of DraftKings Inc. (DKNG)?

According to The Vanguard Group, Inc. filings, the company currently owns 26,914,343 shares, which is about 6.02% of the total DKNG shares outstanding. The investor’s shares have appreciated by 509,366 from its previous 13-F filing of 26404977.0 shares. With the completion of the buy transaction, ARK Investment Management LLC’s stake is now worth $294,968,738. Nikko Asset Management Co., Ltd. reduced a -5.60% interest valued at $155.8 million while Nikko Asset Management Americas, purchased a 1,035,220 stake. A total of -82,143 shares of DraftKings Inc. were bought by BlackRock Fund Advisors during the quarter, and 0 were sold by Raine Capital LLC. In its current portfolio, T. Rowe Price Associates, Inc. holds 9,077,384 shares valued at $105.93 million.

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