DraftKings (NASDAQ:DKNG) Trading Up 3.5%

DraftKings Inc. (NASDAQ:DKNG) shares were up 3.5% on Tuesday . The stock traded as high as $45.40 and last traded at $45.27. Approximately 4,669,838 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 11,766,450 shares. The stock had previously closed at $43.72.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on DKNG shares. Oppenheimer lifted their target price on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Barclays raised shares of DraftKings from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $41.00 to $50.00 in a research note on Friday, February 23rd. Mizuho assumed coverage on shares of DraftKings in a research note on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Finally, BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.93.

DraftKings Stock Down 6.1 %

The company’s 50 day moving average price is $43.86 and its two-hundred day moving average price is $37.81. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The stock has a market cap of $36.58 billion, a P/E ratio of -24.12 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned ($0.53) EPS. DraftKings’s revenue for the quarter was up 43.9% on a year-over-year basis. Equities analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Highlander Capital Management LLC grew its holdings in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $26,000. Parkside Financial Bank & Trust raised its holdings in shares of DraftKings by 233.6% in the second 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. O Dell Group LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $28,000. Finally, Montag A & Associates Inc. bought a new stake in shares of DraftKings in the fourth quarter valued at about $29,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.