Short Interest in DraftKings Inc. (NASDAQ:DKNG) Increases By 20.3%

DraftKings Inc. (NASDAQ:DKNG) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 22,620,000 shares, a growth of 20.3% from the December 15th total of 18,810,000 shares. Based on an average daily trading volume, of 8,440,000 shares, the days-to-cover ratio is presently 2.7 days.

DraftKings Price Performance

DKNG stock traded down $0.39 during trading on Friday, hitting $39.29. The company had a trading volume of 7,138,308 shares, compared to its average volume of 6,983,014. The company has a market cap of $34.60 billion, a P/E ratio of -44.65, a P/E/G ratio of 2.99 and a beta of 1.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a fifty day moving average price of $40.65 and a two-hundred day moving average price of $37.97. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts expect that DraftKings will post -0.83 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,052,183 shares of company stock worth $41,303,025. Insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently bought and sold shares of the company. Delos Wealth Advisors LLC bought a new position in DraftKings during the 3rd quarter worth about $43,000. V Square Quantitative Management LLC bought a new stake in DraftKings in the 3rd quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV boosted its position in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the last quarter. Eastern Bank bought a new position in shares of DraftKings during the 3rd quarter worth approximately $59,000. Finally, Quarry LP acquired a new stake in shares of DraftKings in the second quarter valued at approximately $87,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. Susquehanna reduced their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. TD Cowen raised their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Morgan Stanley raised their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

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.