Short Interest in DraftKings Inc. (NASDAQ:DKNG) Drops By 7.5%

DraftKings Inc. (NASDAQ:DKNG) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 22,560,000 shares, a drop of 7.5% from the October 31st total of 24,400,000 shares. Based on an average daily trading volume, of 8,860,000 shares, the short-interest ratio is presently 2.5 days.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock valued at $29,902,158 in the last 90 days. Company insiders own 48.94% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of large investors have recently modified their holdings of DKNG. Pine Valley Investments Ltd Liability Co boosted its stake in shares of DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after purchasing an additional 273 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after purchasing an additional 286 shares during the period. Creative Financial Designs Inc. ADV increased its holdings in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Finally, Brown Lisle Cummings Inc. lifted its stake in shares of DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after purchasing an additional 325 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DKNG. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Truist Financial reaffirmed a “buy” rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. UBS Group increased their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. JMP Securities boosted their target price on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research note on Monday, November 11th. Finally, TD Cowen increased their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.04.

DraftKings Stock Performance

Shares of DKNG opened at $44.12 on Wednesday. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The stock has a market capitalization of $38.85 billion, a P/E ratio of -49.97 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day moving average is $39.54 and its two-hundred day moving average is $37.85.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, sell-side analysts predict that DraftKings will post -0.79 earnings per share 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.