Short Interest in DraftKings Inc. (NASDAQ:DKNG) Decreases By 5.0%

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

DraftKings Trading Down 1.0 %

Shares of DraftKings stock opened at $36.94 on Wednesday. The business has a fifty day simple moving average of $40.52 and a two-hundred day simple moving average of $40.62. DraftKings has a 1 year low of $24.97 and a 1 year high of $49.57. 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 (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.87) EPS. On average, research analysts anticipate that DraftKings will post -0.24 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. The Goldman Sachs Group initiated coverage on DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price for the company. Morgan Stanley increased their target price on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. BMO Capital Markets increased their target price on DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. JMP Securities reissued a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a research note on Monday, March 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Wednesday, June 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.17.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction dated 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 directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at $116,339,704.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,520,340 shares of company stock worth $60,996,583. Company insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DKNG. Highlander Capital Management LLC increased its position in DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the period. Transcendent Capital Group LLC bought a new position in DraftKings during the 4th quarter worth $26,000. Montag A & Associates Inc. bought a new position in DraftKings during the 4th quarter worth $29,000. LRI Investments LLC bought a new position in DraftKings during the 1st quarter worth $31,000. Finally, LifeSteps Financial Inc. bought a new position in shares of DraftKings in the first quarter worth $33,000. Institutional investors own 37.70% of the company’s stock.

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.