Insiders at both DraftKings and Kambi are buying their company’s stocks following their earnings calls.
DraftKings Directors Greg Wendt and Harry Sloan made their buys on Tuesday. Kambi CEO Werner Becher‘s purchase was made Nov. 7 but reported Tuesday.
The DraftKings directors bought the stock as it rebounds from a 52-week closing low before its earnings release on Nov. 6. Kambi’s stock, meanwhile, has closed up each day since Becher bought the shares in the sports betting technology supplier.
Open-market purchases by insiders are typically seen as a vote of confidence in a company. Penn Entertainment CEO Jay Snowden made an open-market buy on Friday, which helped Penn’s stock close up 7.3% on Monday.
Details on DraftKings, Kambi buys
Wendt’s purchase of 10,000 shares at $30.27 each for $302,700 marked his first investment in the company. He was appointed a director in late October.
Sloan, meanwhile, increased his stake in DraftKings by more than 10% with his purchase of 25,000 shares at an average of $30.30 each.
His $757,500 purchase brought his direct holdings to 249,712 shares.
Becher acquired 28,360 shares in Kambi through his associated company WBCH Invest at an average price of 114.24 Swedish krona each. His 3.2 million Swedish krona purchase ($342,000) gives him total ownership over 98,360 shares.
DKNG opened at lowest in two years
DraftKings released its earnings on Nov. 6 after the market closed and did not hold its earnings call until Nov. 7.
The most notable point of the earnings was how DraftKings cut its 2025 EBITDA guidance by more than 40%, which led the price to open Friday at $26.79, 4.3% lower than Thursday’s close.
That is the lowest the DraftKings stock has opened since Aug. 18, 2023, when the stock opened at $25.57.
DraftKings closed up 3.3% to $31.51 on the news of the purchases.
