DraftKings Inc. (NASDAQ:DKNG) Short Interest Up 9.6% in August

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) saw a large growth in short interest in August. As of August 15th, there was short interest totalling 21,660,000 shares, a growth of 9.6% from the July 31st total of 19,760,000 shares. Based on an average daily volume of 10,420,000 shares, the days-to-cover ratio is presently 2.1 days.

DraftKings Trading Up 1.8 %

Shares of DKNG stock traded up $0.61 on Friday, reaching $34.50. 7,568,781 shares of the stock were exchanged, compared to its average volume of 10,558,181. The stock has a market cap of $30.31 billion, a P/E ratio of -29.24 and a beta of 1.81. 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 50 day moving average of $35.59 and a two-hundred day moving average of $40.01. DraftKings has a 1-year low of $25.73 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business's revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) EPS. On average, research analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of DraftKings stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now owns 6,814 shares of the company's stock, valued at approximately $244,758.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Paul Liberman sold 668,890 shares of the business's stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company's stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the business's stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,471,987 shares of company stock valued at $54,373,654. 51.19% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in DraftKings in the 1st quarter valued at $31,000. LifeSteps Financial Inc. acquired a new stake in DraftKings in the 1st quarter valued at $33,000. Transcendent Capital Group LLC acquired a new stake in DraftKings in the 4th quarter valued at $26,000. Concord Wealth Partners increased its holdings in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company's stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Finally, Montag A & Associates Inc. acquired a new stake in DraftKings in the 4th quarter valued at $29,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Susquehanna decreased their price target on DraftKings from $49.00 to $47.00 and set a "positive" rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC reissued a "buy" rating and set a $60.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Truist Financial reissued a "buy" rating and set a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Morgan Stanley decreased their price target on DraftKings from $51.00 to $47.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 13th. Finally, The Goldman Sachs Group reduced their target price on DraftKings from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.56.

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.