DraftKings Inc. (NASDAQ:DKNG - Get Free Report) was the recipient of a large decrease in short interest in November. As of November 30th, there was short interest totalling 19,630,000 shares, a decrease of 13.0% from the November 15th total of 22,560,000 shares. Based on an average daily trading volume, of 8,800,000 shares, the days-to-cover ratio is presently 2.2 days.
DraftKings Trading Down 3.8 %
NASDAQ DKNG traded down $1.59 on Friday, reaching $39.88. 10,980,103 shares of the company were exchanged, compared to its average volume of 10,147,942. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The stock has a market capitalization of $35.12 billion, a P/E ratio of -45.32 and a beta of 1.87. The business's fifty day moving average price is $40.07 and its 200 day moving average price is $37.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts forecast that DraftKings will post -0.79 earnings per share for the current year.
Analyst Upgrades and Downgrades
DKNG has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, November 11th. JMP Securities lifted their target price on DraftKings from $51.00 to $52.00 and gave the company a "market outperform" rating in a research report on Monday, November 11th. Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted their price objective on DraftKings from $47.00 to $53.00 and gave the company an "overweight" rating in a report on Friday. Finally, Morgan Stanley increased their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $51.00.
Check Out Our Latest Report on DraftKings
Insider Activity
In other news, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company's stock, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 963,742 shares of company stock worth $39,668,077. 51.19% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On DraftKings
Hedge funds have recently added to or reduced their stakes in the business. Oddo BHF Asset Management Sas purchased a new position in DraftKings in the third quarter valued at approximately $1,191,000. Wilmington Savings Fund Society FSB acquired a new position in shares of DraftKings in the 3rd quarter valued at $304,000. Pine Valley Investments Ltd Liability Co grew its position in shares of DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company's stock valued at $271,000 after buying an additional 249 shares during the last quarter. Anchor Investment Management LLC raised its stake in DraftKings by 11.9% during the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company's stock worth $369,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Westside Investment Management Inc. lifted its position in DraftKings by 26.5% in the third quarter. Westside Investment Management Inc. now owns 44,830 shares of the company's stock valued at $1,757,000 after acquiring an additional 9,385 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.
About DraftKings
(
Get Free Report)
DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.
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