DraftKings Insiders Are Betting Big on DKNG Stock

  • Three DraftKings (DKNG) executives, including CEO Jason Robins, have acquired more than one million shares of the company since December.
  • DraftKings insiders have amounted to a net activity of 311,561 shares sold in the past year.
  • Shares of DKNG stock are down by over 50% during the past year.
DKNG stock - DraftKings Insiders Are Betting Big on DKNG Stock

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Shares of DraftKings (NASDAQ:DKNG) are in full focus following three exercise-and-hold transactions of DKNG stock options by three executives, including CEO Jason Robins.

To kick off the New Year, DraftKings announced in December that it would begin hosting its sportsbook services in Ohio starting on Jan. 1. Customers in Ohio will now be able to bet on a variety of sports leagues offered by the company, including the NBA, NFL, NHL, MLS and more.

DraftKings North America President and co-founder Matt Kalish added:

“We’re excited to ring in the New Year with the launch of our top-rated DraftKings Sportsbook app in Ohio. Ohioans are passionate sports fans with hometown pride, and we’re thrilled to offer them a variety of ways to have more skin in the game ahead of the 2023 College Football Playoff National Championship and the NFL playoffs.”

With that in mind, let’s get into the details of the DKNG stock insider acquisitions.

DKNG Stock: Three Executives Acquire Shares

The first transaction is attributable to CEO Jason Robins. On Dec. 29, the CEO reported exercising stock options to receive 1.02 million shares of DKNG at prices between 63 cents and $4.70. Following the exercise, Robins now directly owns a total of 5.69 million shares and indirectly owns 83,000 shares through a family trust. He also directly owns options to receive 6.65 million shares and indirectly owns options to receive 892,264 shares through a family trust.

On the same day, CFO Jason Park reported exercising options to receive 50,000 shares at an average price of $4.70 per share. Following the transaction, he now directly owns 474,404 shares and indirectly owns 300,000 shares through family trusts. Additionally, the CFO also directly owns stock options to receive 425,475 shares.

Finally, Kalish reported exercising options to receive 123,308 shares on Dec. 31. Like Robins, the shares received were priced between 63 cents and $4.70. After the exercise, Kalish now owns directly owns 2.65 million shares and indirectly owns 454,001 shares through two family trusts. Furthermore, he owns stock options to directly receive 851,977 shares.

So, how do other insiders view DKNG? In the past year, insiders have acquired 19.6 million shares and sold 19.91 million shares. That adds up to a net activity of 311,561 shares sold.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/draftkings-insiders-are-betting-big-on-dkng-stock/.

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