Three of DraftKings’ (NASDAQ:DKNG) corporate insiders bought DKNY stock for a total value of $3.1 million in multiple transactions between December 29 and December 31.
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The recently reported buys are a result of the stock options exercised in an exercise-and-hold transaction. Overall, corporate insiders have a very positive stance on DraftKings.
The sports betting company’s app was the second most downloaded in December 2022, as per Morgan Stanley analyst Stephen Grambling, who cited Sensor Tower data.
Insider Transactions Details
President of DraftKings North America division and Director, Matthew Kalish, bought 123,308 DKNG shares at an average price of $1.29 per share. The total value of the purchase stood at $159,276.
Prior to this, another informative buy of the company’s shares worth $2.7 million on December 29 was disclosed. The transaction was performed by the company CEO and Chairman Jason Robins.
Further, CFO Jason Park purchased 50,000 shares of the company for a total value of $235,000.
It is worth mentioning that according to TipRanks’ ratings, the CEO has the highest success rate of the three insiders. He has a success rate of 63%, but with a negative average return per transaction of 0.4%.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is DKNG a Good Stock to Buy?
On TipRanks, DraftKings stock has a Moderate Buy consensus rating based on 13 Buys, eight Holds, and one Sell. The average DKNG stock price target of $20.40 implies 75.4% upside potential. The stock is up about 2% over the past six months.
