Short Interest in DraftKings Inc. (NASDAQ:DKNG) Grows By 8.3%

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

Insider Activity

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

Institutional Investors Weigh In On DraftKings

Large investors have recently bought and sold shares of the company. Transcendent Capital Group LLC acquired a new stake in DraftKings during the 4th quarter valued at approximately $26,000. LRI Investments LLC purchased a new stake in DraftKings in the first quarter valued at $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings in the first quarter valued at $33,000. Concord Wealth Partners grew its position in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the period. Finally, Alta Advisers Ltd purchased a new position in shares of DraftKings during the 2nd quarter valued at about $38,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 0.5 %

Shares of NASDAQ:DKNG traded down $0.19 during trading on Wednesday, reaching $38.76. The stock had a trading volume of 2,898,335 shares, compared to its average volume of 10,652,028. DraftKings has a one year low of $25.73 and a one year high of $49.57. The firm’s 50-day simple moving average is $35.33 and its 200 day simple moving average is $39.51. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $33.69 billion, a P/E ratio of -33.01 and a beta of 1.80.

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

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. BMO Capital Markets reduced their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company decreased their price target on DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Berenberg Bank raised shares of DraftKings to a “hold” rating in a research note on Friday, May 31st. UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $49.78.

About DraftKings

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.