As of now, barring any new filings, DraftKings (NASDAQ: DKNG) insiders have sold nearly $206 million worth of the gaming company’s shares in 2024, amidst a market-lagging performance.
In December alone, Chief Legal Officer R. Stanton Dodge and co-founder Paul Liberman sold over $30 million in shares. Cumulatively, DraftKings insiders offloaded $205.54 million of equity this year, according to MarketBeat data, continuing a trend that has drawn criticism from retail investors.
Adding to the frustration, high-ranking executives at DraftKings haven’t made any stock purchases this year. Out of 20 insider transactions listed by MarketBeat, all were sales, including those by co-founders Liberman and CEO Jason Robins.
However, there’s a silver lining: insider selling at DraftKings decreased as the year progressed. Sales totaled around $66 million in the first quarter, $61 million in Q2, $45 million in Q3, and $34 million in Q4.
DraftKings’ performance this year has been lackluster, with shares rising only 5.53%. This pales in comparison to the Nasdaq 100, S&P Select Sector Consumer Discretionary, and S&P 500 indexes, which each gained over 25%. Additionally, rival Flutter Entertainment (NYSE: FLUT) saw its shares surge by 44.39%.
In contrast, Flutter insiders haven’t sold any stock recently. In September, Flutter announced a $5 billion share repurchase program, dwarfing DraftKings’ $1 billion buyback plan from August.
Insider selling at other DraftKings rivals has been minimal. For instance, Caesars Entertainment (NASDAQ: CZR) saw less than $350,000 in insider selling over the past year, while Penn Entertainment (NASDAQ: PENN) had insiders buy $2.61 million worth of shares compared to sales of just $126,578.
