DraftKings Inc. (NASDAQ:DKNG) Short Interest Update

DraftKings Inc. (NASDAQ:DKNG) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 20,250,000 shares, a decline of 5.0% from the May 31st total of 21,320,000 shares. Based on an average daily trading volume, of 10,790,000 shares, the days-to-cover ratio is presently 1.9 days.

Insider Buying and Selling

In related 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 value of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the sale, the insider now owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Insiders sold 1,520,340 shares of company stock worth $60,996,583 in the last quarter. 48.94% of the stock is owned by insiders.

Institutional Trading of DraftKings

A number of hedge funds have recently bought and sold shares of the company. HM Payson & Co. increased its position in DraftKings by 12.7% during the first quarter. HM Payson & Co. now owns 4,440 shares of the company’s stock valued at $202,000 after acquiring an additional 500 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in DraftKings by 4.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 28,825 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,195 shares during the last quarter. Tactive Advisors LLC purchased a new stake in DraftKings during the first quarter valued at $332,000. EULAV Asset Management increased its position in DraftKings by 10.8% during the first quarter. EULAV Asset Management now owns 257,000 shares of the company’s stock valued at $11,670,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Cetera Advisors LLC increased its position in DraftKings by 41.9% during the first quarter. Cetera Advisors LLC now owns 301,805 shares of the company’s stock valued at $13,705,000 after acquiring an additional 89,132 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 1.4 %

Shares of NASDAQ:DKNG opened at $37.44 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings has a 1 year low of $24.97 and a 1 year high of $49.57. The stock’s fifty day moving average price is $40.45 and its 200-day moving average price is $40.60.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.87) earnings per share. As a group, research analysts anticipate that DraftKings will post -0.24 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on DKNG. Deutsche Bank Aktiengesellschaft boosted their target price on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, May 6th. Mizuho began coverage on DraftKings in a research note on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price target on the stock. Wells Fargo & Company decreased their price target on DraftKings from $54.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 25th. Jefferies Financial Group lifted their price target on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $49.17.

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.