DraftKings Insiders Capitalize on Post-Earnings Dip with Strategic Stock Purchases
Insiders at DraftKings (DKNG) seized the opportunity presented by a post-earnings stock decline to increase their holdings. Two board members, including former Metro-Goldwyn Mayer CEO Harry Sloan, purchased shares at NEAR 52-week lows, signaling confidence in the sports betting firm's long-term prospects.
Sloan acquired 25,000 shares at $30.30 each, totaling $757,500, while new board member Gregory Wendt made his inaugural purchase of 10,000 shares at $30.27. These transactions occurred despite DraftKings missing Wall Street forecasts across all metrics, which initially drove the stock down 10%.
The buying activity suggests institutional belief in a rebound, even as the stock remains 17% below late-October levels. Such insider moves often serve as market signals, particularly when executed at technical support levels.
