DraftKings Target of Unusually High Options Trading (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNG) saw unusually large options trading activity on Thursday. Stock traders bought 75,064 call options on the company. This represents an increase of approximately 27% compared to the average volume of 59,139 call options.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the 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 completion of the sale, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction 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 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,020,536 shares of company stock worth $39,966,465. Company insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP boosted its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in shares of DraftKings in the second quarter valued at about $39,306,000. Kodai Capital Management LP acquired a new stake in shares of DraftKings in the first quarter valued at about $41,276,000. Finally, AQR Capital Management LLC boosted its holdings in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on DKNG. UBS Group upped their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. The Goldman Sachs Group cut their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Friday. JMP Securities reiterated a “market outperform” rating and issued a $51.00 price target on shares of DraftKings in a report on Monday, October 14th. Finally, Barclays upped their price objective on DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Stock Up 3.0 %

Shares of DKNG opened at $40.13 on Friday. The company has a market capitalization of $35.26 billion, a PE ratio of -45.48 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. The stock has a fifty day simple moving average of $37.55 and a two-hundred day simple moving average of $37.95. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. As a group, equities analysts forecast that DraftKings will post -0.31 EPS for the current 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.