DraftKings (NASDAQ:DKNG) Sees Large Volume Increase

Shares of DraftKings Inc. (NASDAQ:DKNG) saw unusually-strong trading volume on Tuesday . Approximately 873,952 shares traded hands during mid-day trading, a decline of 94% from the previous session’s volume of 14,958,897 shares.The stock last traded at $52.69 and had previously closed at $57.00.

Several equities research analysts recently commented on DKNG shares. Northland Securities boosted their price objective on shares of DraftKings from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, August 9th. Craig Hallum boosted their price target on shares of DraftKings from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, September 14th. Benchmark boosted their price target on shares of DraftKings from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 9th. Credit Suisse Group reissued a “buy” rating and set a $85.00 price target on shares of DraftKings in a research report on Wednesday, September 15th. Finally, The Goldman Sachs Group cut their price target on shares of DraftKings from $77.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, July 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings has a consensus rating of “Buy” and a consensus price target of $69.71.

The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average is $53.96 and its two-hundred day moving average is $54.97. The company has a market capitalization of $21.56 billion, a P/E ratio of -16.26 and a beta of 1.94.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, August 6th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.15). DraftKings had a negative net margin of 118.88% and a negative return on equity of 55.33%. The firm had revenue of $297.61 million for the quarter, compared to the consensus estimate of $240.84 million. Analysts predict that DraftKings Inc. will post -3.2 EPS for the current year.

In other news, Director Shalom Meckenzie sold 21,675 shares of the business’s stock in a transaction that occurred on Friday, July 23rd. The shares were sold at an average price of $50.00, for a total value of $1,083,750.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 333,334 shares of the business’s stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $44.08, for a total transaction of $14,693,362.72. Following the completion of the sale, the insider now directly owns 4,645,949 shares in the company, valued at approximately $204,793,431.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,998,367 shares of company stock worth $273,249,830. Insiders own 62.00% of the company’s stock.

Large investors have recently modified their holdings of the stock. Western Wealth Management LLC purchased a new position in DraftKings during the second quarter valued at approximately $365,000. Platform Technology Partners purchased a new position in DraftKings during the second quarter valued at approximately $602,000. Financial Counselors Inc. grew its stake in DraftKings by 16.0% during the second quarter. Financial Counselors Inc. now owns 56,310 shares of the company’s stock valued at $2,938,000 after acquiring an additional 7,762 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in DraftKings by 0.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 116,287 shares of the company’s stock worth $6,588,000 after buying an additional 332 shares in the last quarter. Finally, Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in DraftKings in the 1st quarter worth approximately $4,275,000. 61.91% of the stock is owned by institutional investors.

About DraftKings (NASDAQ:DKNG)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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