{"id":89100,"date":"2024-12-31T23:31:07","date_gmt":"2024-12-31T23:31:07","guid":{"rendered":"https:\/\/neclink.com\/index.php\/2024\/12\/31\/draftkings-insiders-sold-nearly-206m-in-stock-this-year\/"},"modified":"2024-12-31T23:31:07","modified_gmt":"2024-12-31T23:31:07","slug":"draftkings-insiders-sold-nearly-206m-in-stock-this-year","status":"publish","type":"post","link":"https:\/\/neclink.com\/index.php\/2024\/12\/31\/draftkings-insiders-sold-nearly-206m-in-stock-this-year\/","title":{"rendered":"DraftKings Insiders Sold Nearly $206M in Stock This Year"},"content":{"rendered":"


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\n Posted on: December 31, 2024, 04:50h.\u00a0\n <\/p>\n

\n Last updated on: December 31, 2024, 04:50h.\n <\/p>\n

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Barring any new filings that emerge in the days ahead, DraftKings (NASDAQ: DKNG) insiders appear to have sold nearly $206 million worth of the gaming company\u2019s shares in 2024 as the stock notched a market-lagging performance.<\/p>\n

\"DraftKings
DraftKings founders (from left) Paul Liberman, Jason Robins and Matthew Kalish seen in Boston in 2015. Insiders at the company dumped nearly $206 million worth of stock this year. (Image: Boston Globe<\/em>)<\/figcaption><\/figure>\n

Following December sales by Chief Legal Officer R. Stanton Dodge and co-founder Paul Liberman totaling more than $30 million, DraftKings insiders dumped $205.54 million of the gaming company\u2019s equity in 2024, according to MarketBeat data, extending a trend<\/a> decried by retail investors.<\/p>\n

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Adding to market participants disdain for insider selling at DraftKings is the fact that high-ranking executives at the sportsbook operator aren\u2019t buying any stock. Of the 20 insider transactions this year listed by MarketBeat, including those by co-founders Liberman and CEO Jason Robins<\/a> \u2014 all are sales and none are purchases.<\/p>\n<\/div>\n

The \u201cpositive\u201d is that insider selling at DraftKings waned as 2024 moved along. After totaling roughly $66 million in the first quarter, that figure declined to $61 million in the April through June period. It fell to $45 million in the third quarter before dropping to $34 million in the final three months of the year.<\/strong><\/p>\n

\"DraftKings
A chart of insider sales at DraftKings. (Image: MarketBeat)<\/figcaption><\/figure>\n

DraftKings Performance Exacerbates Insider Selling<\/h2>\n

The consistent spate of insider selling at DraftKings accrued against the backdrop of tepid returns for investors. Shares of the gaming company rose just 5.53% this year.<\/p>\n

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Not only did that performance significantly lag the returns of the Nasdaq 100, S&P Select Sector Consumer Discretionary, and S&P 500 indexes \u2014 each of which gained more than 25% this year \u2014 it also badly trailed rival Flutter Entertainment<\/a> (NYSE: FLUT). The parent company of FanDuel \u2014 DraftKings\u2019 most direct competitor \u2014 surged 44.39% in 2024.<\/p>\n<\/div>\n

Arguably making matters worse for DraftKings shareholders is the fact that Flutter insiders aren\u2019t frequent sellers of the stock. Over the past three months, there have been no insider transactions \u2014 buys or sales \u2014 at the Irish gaming company.<\/p>\n

In September, Flutter announced a $5 billion share repurchase<\/a> program, dwarfing the $1 billion buyback plan announced by DraftKings in August.<\/p>\n

Insider Selling Light at Other DraftKings Rivals, Too<\/h2>\n

The insider selling at DraftKings stands out because comparable action at rival iGaming\/online sports betting operators was light this year and that\u2019s true even when excluding Flutter from the equation.<\/p>\n

For example, insider selling at Caesars Entertainment (NASDAQ: CZR) was less than $350,000 over the past year and in the first two quarters of 2024, high-ranking executives at the Caesars Sportsbook owner bought significantly more stock than they sold.<\/p>\n

At ESPN Bet parent Penn Entertainment (NASDAQ: PENN), insiders bought $2.61 million worth of shares over the past year compared to sales of just $126,578, according to MarketBeat data. In terms of number of transactions, buys outnumbered sales at Penn by a 4-to-1 margin.<\/strong><\/p>\n<\/div>\n


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Posted on: December 31, 2024, 04:50h.\u00a0 Last updated on: December 31, 2024, 04:50h. Barring any new filings that emerge in the days ahead, DraftKings (NASDAQ:<\/p>\n","protected":false},"author":1,"featured_media":89101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[158],"tags":[],"class_list":["post-89100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/89100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/comments?post=89100"}],"version-history":[{"count":0,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/89100\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media\/89101"}],"wp:attachment":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media?parent=89100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/categories?post=89100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/tags?post=89100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}