DraftKings Inc. (NASDAQ:DKNG) Short Interest Up 8.3% in August

DraftKings Inc. (NASDAQ:DKNG) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 23,450,000 shares, an increase of 8.3% from the August 15th total of 21,660,000 shares. Based on an average daily volume of 9,370,000 shares, the short-interest ratio is currently 2.5 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Morgan Stanley reiterated an “overweight” rating and issued a $47.00 price target on shares of DraftKings in a report on Wednesday, September 11th. Benchmark boosted their price target on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Monday. Finally, UBS Group upped their price objective on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,537 shares of company stock valued at $44,784,070 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently modified their holdings of the stock. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $26,000. LRI Investments LLC purchased a new stake in shares of DraftKings during the first quarter valued at $31,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings during the first quarter valued at $33,000. Concord Wealth Partners lifted its holdings in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Alta Advisers Ltd purchased a new stake in shares of DraftKings during the second quarter valued at $38,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 2.3 %

Shares of DraftKings stock opened at $38.07 on Thursday. 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 $33.09 billion, a price-to-earnings ratio of -32.26 and a beta of 1.80. The business has a fifty day simple moving average of $35.35 and a 200-day simple moving average of $39.50. DraftKings has a fifty-two week low of $25.73 and a fifty-two week high of $49.57.

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

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.