DraftKings Inc. (NASDAQ:DKNG) Short Interest Update

DraftKings Inc. (NASDAQ:DKNG) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 22,560,000 shares, a decline of 7.5% from the October 31st total of 24,400,000 shares. Based on an average trading volume of 8,860,000 shares, the days-to-cover ratio is currently 2.5 days.

DraftKings Price Performance

NASDAQ:DKNG opened at $44.12 on Wednesday. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The stock’s fifty day moving average is $39.54 and its two-hundred day moving average is $37.85. The company has a market capitalization of $38.85 billion, a P/E ratio of -49.97 and a beta of 1.87. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities analysts expect that DraftKings will post -0.79 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 735,246 shares of company stock valued at $29,902,158. 48.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently made changes to their positions in the stock. Alta Advisers Ltd acquired a new position in DraftKings during the second quarter worth $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings during the 2nd quarter worth about $39,000. Delos Wealth Advisors LLC acquired a new position in DraftKings during the 3rd quarter worth about $43,000. St. Johns Investment Management Company LLC purchased a new position in DraftKings during the 2nd quarter valued at about $46,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings in the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on DKNG shares. Susquehanna increased their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Mizuho raised their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Benchmark reiterated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. JMP Securities increased their target price on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. Finally, Wells Fargo & Company lifted their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.04.

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.