TLDR
- DraftKings CAO Erik Bradbury sold 2,883 Class A shares on March 3 at $24.56, totaling $70,806
- This follows a February 19 sale of 7,268 shares at $22.50, worth $163,530
- DKNG rose 2.6% on the day to $24.45, with a market cap of $12.05 billion
- DraftKings unveiled a unified “Super App” combining sportsbook, casino, predictions, and lottery into one platform
- Analyst consensus sits at Moderate Buy with an average price target of $37.12
DraftKings’ CAO Bradbury sold around $70K in stock on March 3, while the company rose 2.6% and unveiled a new Super App combining its key products.
DraftKings’ CAO Erik Bradbury sold 2,883 Class A shares on March 3 at an average price of $24.56, bringing in $70,806. The sale was reported in an SEC filing.
This wasn’t Bradbury’s first recent sale. On February 19, he sold 7,268 shares at $22.50, netting $163,530. Combined, the two sales cut his stake by roughly 7%.
After the March 3 transaction, Bradbury holds 38,168 shares, valued at around $937,000 at current prices.
It’s worth noting some context here. Bradbury also received shares through RSU vestings on February 27 and March 1, picking up a total of around 8,000 shares. A portion of those — 3,670 shares — were withheld to cover taxes, at $23.84 per share.
So the sales don’t tell the whole story. Bradbury was both receiving and selling stock around the same period.
Analyst Targets and Ratings
On the same day as the insider sale, DKNG traded up 2.6% to $24.45. Volume came in at around 16.7 million shares, close to the daily average.
The stock’s 12-month range sits between $21.01 and $48.78. At current levels, it’s trading near the low end of that range. The 200-day moving average is $34.48, well above where the stock is now.
Analysts remain broadly positive. Of 31 analysts covering DKNG, 25 have a Buy rating, four Hold, and two Sell. The average price target is $37.12.
Individual targets vary quite a bit. BMO Capital Markets has the most bullish outlook, with a $50 target and Outperform rating. Benchmark sits at $53. On the lower end, Bank of America cut its target to $30 and rates the stock Neutral.
JPMorgan trimmed its target from $41 to $32 but kept an Overweight rating. Mizuho lowered from $46 to $44, maintaining Outperform. Stifel cut from $44 to $40 with a Buy.
The Super App Launch
DraftKings held an investor day recently, where it unveiled its new unified “DraftKings Sports & Casino Super App.” The platform brings together its sportsbook, casino, predictions market, and lottery products under one wallet and account.
Wells Fargo reiterated an Overweight rating with a $30 target following the announcement. Barclays also kept Overweight at $37, citing the product integration.
Truist Securities maintained its Buy rating, pointing to DraftKings’ updated total addressable market projections. The company forecasts the TAM growing from $34 billion in 2025 to between $55 billion and $80 billion by 2030.
Needham reiterated Buy with a $35 target, noting that DraftKings’ investor day forecasts came in above their own estimates.
DKNG has a price-to-earnings ratio of -611.25, a PEG ratio of 0.98, and a debt-to-equity ratio of 2.91. Institutional investors hold 37.70% of the stock.
InvestingPro pegs the stock’s fair value at $28.53, suggesting some upside from current levels.
