Short Interest in DraftKings Inc. (NASDAQ:DKNG) Rises By 14.3%
DraftKings Inc. (NASDAQ:DKNG – Get Free Report) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 27,610,000 shares, a growth of 14.3% from the October 31st total of 24,150,000 shares. Based on an average daily volume of 12,290,000 shares, the short-interest ratio is currently 2.2 days.
DraftKings Stock Performance
DKNG opened at $39.00 on Friday. The business has a fifty day simple moving average of $32.15 and a 200-day simple moving average of $29.33. The firm has a market cap of $33.51 billion, a PE ratio of -17.89 and a beta of 1.81. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.56. DraftKings has a fifty-two week low of $10.69 and a fifty-two week high of $39.35.
DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.08. DraftKings had a negative return on equity of 96.17% and a negative net margin of 30.41%. The firm had revenue of $789.96 million for the quarter, compared to analysts’ expectations of $702.26 million. As a group, equities analysts predict that DraftKings will post -1.5 EPS for the current fiscal year.
Insider Transactions at DraftKings
In other news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $38.84, for a total transaction of $2,049,858.68. Following the transaction, the insider now owns 829,353 shares of the company’s stock, valued at $32,212,070.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $38.84, for a total transaction of $2,049,858.68. Following the sale, the insider now owns 829,353 shares in the company, valued at $32,212,070.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Kalish sold 3,202 shares of DraftKings stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $34.20, for a total value of $109,508.40. Following the completion of the transaction, the insider now owns 2,820,182 shares of the company’s stock, valued at approximately $96,450,224.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,710,767 shares of company stock valued at $62,268,854. Insiders own 51.19% of the company’s stock.
Institutional Investors Weigh In On DraftKings
Hedge funds have recently made changes to their positions in the company. Raleigh Capital Management Inc. purchased a new stake in shares of DraftKings in the second quarter valued at $27,000. BOKF NA acquired a new stake in DraftKings during the 2nd quarter worth about $27,000. Parkside Financial Bank & Trust grew its stake in DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after acquiring an additional 710 shares in the last quarter. Barrett & Company Inc. acquired a new position in shares of DraftKings in the 1st quarter valued at about $32,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of DraftKings in the first quarter worth approximately $42,000. Hedge funds and other institutional investors own 32.84% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the stock. TD Cowen lifted their price target on shares of DraftKings from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Benchmark boosted their price objective on DraftKings from $37.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. Roth Mkm increased their target price on DraftKings from $20.00 to $23.00 and gave the stock a “sell” rating in a research report on Monday, August 7th. Barclays boosted their target price on shares of DraftKings from $30.00 to $32.00 in a research note on Thursday, September 7th. Finally, JPMorgan Chase & Co. upgraded shares of DraftKings from a “neutral” rating to an “overweight” rating and raised their price target for the company from $26.00 to $37.00 in a research note on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.86.
View Our Latest Analysis on DKNG
About DraftKings (Get Free Report)
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.
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Original: MarketBeat News Feed: Short Interest in DraftKings Inc. (NASDAQ:DKNG) Rises By 14.3%