DraftKings (NASDAQ:DKNG) Sees Unusually-High Trading Volume - Here's What Happened

Shares of DraftKings Inc. (NASDAQ:DKNG - Get Free Report) saw strong trading volume on Friday . 7,033,961 shares were traded during trading, a decline of 31% from the previous session's volume of 10,250,726 shares.The stock last traded at $38.90 and had previously closed at $38.98.

Analyst Upgrades and Downgrades

Several equities analysts have commented on DKNG shares. BNP Paribas raised shares of DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of DraftKings in a report on Friday. Bank of America cut their price objective on DraftKings from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, July 22nd. JMP Securities reaffirmed a "market outperform" rating and set a $51.00 target price on shares of DraftKings in a research report on Monday, October 14th. Finally, Barclays lifted their price objective on DraftKings from $43.00 to $45.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $50.22.

DraftKings Stock Performance

The firm has a fifty day moving average of $37.66 and a 200-day moving average of $37.95. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market cap of $35.26 billion, a P/E ratio of -45.09 and a beta of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Research analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares of the company's stock, valued at approximately $70,034,016.03. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,020,536 shares of company stock worth $39,966,465. Company insiders own 51.19% of the company's stock.

Hedge Funds Weigh In On DraftKings

Several hedge funds have recently made changes to their positions in DKNG. LRI Investments LLC bought a new stake in DraftKings during the first quarter worth about $31,000. Alta Advisers Ltd acquired a new position in shares of DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC bought a new stake in shares of DraftKings during the 2nd quarter worth approximately $39,000. V Square Quantitative Management LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV grew its stake in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock valued at $47,000 after buying an additional 320 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

About DraftKings

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.