DraftKings director Gregory Wendt buys $98,800 in shares

DraftKings Inc. director Gregory Westin Wendt bolstered his stake in the company by purchasing 5,000 shares on November 11, 2026. The director's acquisition amounted to $98,800, with each share priced at $19.76. As a result of this transaction, Wendt now holds 22,920 shares of DraftKings Class A Common Stock directly.

DraftKings stock is currently trading at $18.89, reflecting a 45% decline year-to-date. Despite this recent performance, the company's valuation appears favorable, with a market capitalization of $9.5 billion. Analysts have noted management's strategic share buybacks, which appear to align with Wendt's recent insider purchase.

In a separate development, DraftKings reported Q3 revenue of $1,329 million, representing a 16% year-over-year increase. However, this figure fell short of market expectations, with Guggenheim's estimate at $1,418 million and the consensus at $1,393 million. The underwhelming results were primarily attributed to lower iGaming growth and customer-friendly outcomes.

Several investment firms have revised their outlooks on DraftKings following the earnings report. Berenberg downgraded the stock from Buy to Hold, citing concerns over investment in prediction markets and lowering its price target to $20. Guggenheim maintained its Buy rating but reduced its price target to $28. Truist Securities also retained a Buy rating, adjusting its price target to $22, while Susquehanna lowered its price target to $23, emphasizing increased investment costs in prediction markets.

Mizuho, on the other hand, cut its price target to $35, expressing concerns about DraftKings' substantial promotional spending plans.