Raymond James initiates QXO stock with Outperform rating on acquisition strategy
Paul Liberman, Director and President of Global Technology and Product at DraftKings Inc. (NASDAQ:DKNG), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Liberman sold a total of 567,196 shares of DraftKings’ Class A Common Stock on February 24, 2025. The sales were executed at prices ranging from $44.61 to $46.07 per share, amounting to a total transaction value of approximately $25.48 million. The timing is notable as DraftKings’ stock has experienced significant volatility, with a -16% return over the past week, though maintaining a positive 21% return over the last six months.
This sale was part of a pre-arranged program for selling shares, adopted on November 22, 2024, under Rule 10b5-1 of the Securities Exchange Act of 1934. The transactions were conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). Prior to these sales, Liberman acquired 5,317 shares through the vesting of RSUs on February 22, 2025. According to InvestingPro analysis, DraftKings shows promising growth potential, with analysts expecting sales growth and profitability this year, despite currently trading above its Fair Value.
Following these transactions, Liberman holds a significant number of shares indirectly through various trusts, including the Paul Liberman 2015 Revocable Trust, the Paul Liberman 2020 Trust, and others. The company maintains a moderate debt level and has achieved impressive revenue growth of 30% over the last twelve months.
In other recent news, DraftKings Inc. has experienced several positive developments, particularly in its financial projections and analyst ratings. Needham analysts have increased their price target for DraftKings shares to $65, maintaining a Buy rating, citing positive trends and the company’s potential to meet its 2025 guidance. Similarly, TD Cowen has raised its price target to $60, supported by DraftKings’ strong online sports betting performance and strategic promotional adjustments. Piper Sandler also increased its price target to $60, highlighting the company’s solid core business and revenue projections for 2025. Stifel analysts have lifted their price target to $57, pointing to DraftKings’ re-acceleration in Q1 and an increase in revenue guidance for fiscal year 2025. Meanwhile, JMP Securities raised their price target to $60, emphasizing DraftKings’ initiatives beyond core sports betting, such as in-play betting and new product offerings. These analysts’ upgrades reflect a broader confidence in DraftKings’ ability to capitalize on market opportunities and enhance its financial performance.
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