Investors Buy Large Volume of Call Options on DraftKings (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) was the recipient of unusually large options trading on Thursday. Stock traders acquired 75,064 call options on the company. This represents an increase of approximately 27% compared to the typical volume of 59,139 call options.

DraftKings Stock Performance

DKNG stock traded up $0.73 during trading on Thursday, reaching $38.98. 24,922,751 shares of the company's stock were exchanged, compared to its average volume of 10,263,400. The firm has a market cap of $34.25 billion, a PE ratio of -44.01 and a beta of 1.82. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a 1-year low of $28.69 and a 1-year high of $49.57. The company's fifty day moving average price is $37.45 and its 200-day moving average price is $37.94.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred 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 sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company's stock in a transaction dated Friday, October 25th. The shares were 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 $70,034,016.03. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly 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. Insiders sold a total of 1,020,536 shares of company stock worth $39,966,465 in the last 90 days. 48.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently bought and sold shares of the stock. LRI Investments LLC acquired a new stake in shares of DraftKings in the 1st quarter worth approximately $31,000. Alta Advisers Ltd acquired a new stake in DraftKings in the second quarter worth approximately $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings during the 2nd quarter valued at $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings during the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of DraftKings in the 3rd quarter worth $46,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Oppenheimer dropped their price target on shares of DraftKings from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Monday, August 5th. JMP Securities reaffirmed a "market outperform" rating and set a $51.00 price target on shares of DraftKings in a research report on Monday, October 14th. BNP Paribas raised DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Finally, Wells Fargo & Company increased their target price on DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $50.22.

DraftKings Company Profile

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.