DraftKings (NASDAQ:DKNG) Stock Price Down 5.1% – What’s Next?

Shares of DraftKings Inc. (NASDAQ:DKNG) dropped 5.1% during trading on Monday . The company traded as low as $38.25 and last traded at $38.28. Approximately 1,721,669 shares changed hands during trading, a decline of 83% from the average daily volume of 10,118,333 shares. The stock had previously closed at $40.35.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DKNG. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. increased their price objective on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

DraftKings Stock Down 4.0 %

The business has a 50-day moving average price of $40.24 and a two-hundred day moving average price of $38.09. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market cap of $34.12 billion, a PE ratio of -44.03 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share 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 analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock valued at $39,668,077 in the last ninety days. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Oddo BHF Asset Management Sas purchased a new position in DraftKings in the 3rd quarter valued at approximately $1,191,000. Wilmington Savings Fund Society FSB acquired a new position in DraftKings during the third quarter worth $304,000. Pine Valley Investments Ltd Liability Co grew its holdings in 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 purchasing an additional 249 shares during the last quarter. Finally, Anchor Investment Management LLC increased its position in shares of DraftKings by 11.9% in the third quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock valued at $369,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.