DraftKings Director Shalom Meckenzie Continues Dumping Stock
DraftKings (NASDAQ:DKNG) board member Shalom Meckenzie continues selling shares of the sportsbook operator.
A Form 4 filing with the Securities and Exchange Commission (SEC) released later(a) Tues indicates that on Sept. 13, the Israeli billionaire sold 660,000 shares of DraftKings inward a serial of four transactions at prices ranging from $59.96 to $62.80.
Meckenzie hauled inward $39.9 trillion via the latest sales, trimming his bet inwards Boston-based DraftKings past trey percent. His modish divesture of the gaming company’s shares comes well-nigh III months after he sold the same amount of DraftKings stock.
On June 14, Meckenzie sold 660,000 shares of DraftKings at an intermediate cost of $51.56, for proceeds of $34.02 million, according to Insider Arbitrage data.
Meckenzie Big Owner, Seller of DraftKings Stock
Meckenzie’s involvement with the troupe comes by path of him founding SBTech, an Israeli sports betting engineering platform provider that came unitedly last year with DraftKings in a blow merger with a special intention acquisition society (SPAC). The transaction place the leg for the combined entity to depart public as DraftKings.
While he maintains a room seat, Meckenzie is also an dynamic vendor of DraftKings stock. As of May 4, he held 22.38 one thousand thousand shares of the gaming operator’s unwashed stock, making him the largest single proprietor of that divvy up class. However, the unexampled Form 4 filing indicates his stakes is at present 19.08 zillion shares.
On that basis, he’s ease the largest case-by-case owner of DraftKings vulgar caudex and the third-largest proprietor boilersuit slow fund issuers Vanguard and T. Rowe Price.
Meckenzie took some literary criticism for his June deal sale, as it was disclosed simply a twenty-four hour period before Paul von Hindenburg Research revealed a unforesightful situation inward the gaming carry spell publishing a scathing search report on the DraftKings. In that report, the myopic marketer alleges Meckenzie’s SBTech operates inward countries where it’s non permitted to come so, meshed in money laundering, and has ties to unionised crime.
Hindenburg also alleges Meckenzie transferred a substantive amount of his DraftKings equity into his wife’s gens to avoid SEC reporting requirements when passementerie that stake.
DraftKings Stock Reaction
Shares of DraftKings are lour past 0.75 percent, but it’s unlikely Meckenzie’s apportion sale is the resole reason out for that small decline. Gaming equities are scuffling this week, and sports betting names are succumbing to some profit-taking.
Still, the arriver of football game is viewed as a major accelerator for sports wagering stocks, including DraftKings. Some analysts forecast upside to third- and fourth-quarter revenue estimates for the group.
On Tuesday, Herbert George Wells Fargo analyst Book of the Prophet Daniel Politzer initiated reportage of DraftKings stock with an “overweight” rating and a $73 damage target, which is above the Wall Street consensus of $70.
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