DraftKings Inc. (NASDAQ:DKNG) Short Interest Down 13.0% in November

DraftKings Inc. (NASDAQ:DKNG) was the target of a significant drop in short interest in November. As of November 30th, there was short interest totalling 19,630,000 shares, a drop of 13.0% from the November 15th total of 22,560,000 shares. Based on an average daily volume of 8,800,000 shares, the short-interest ratio is presently 2.2 days.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JMP Securities upped their price objective on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. JPMorgan Chase & Co. raised their price objective on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

DraftKings Trading Up 4.3 %

Shares of DKNG stock traded up $1.69 on Tuesday, hitting $40.93. The company had a trading volume of 7,191,556 shares, compared to its average volume of 10,123,572. The stock’s 50-day moving average is $40.10 and its two-hundred day moving average is $37.99. 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 firm has a market cap of $36.04 billion, a P/E ratio of -46.14 and a beta of 1.87. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57.

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

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated 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 completion of the transaction, the insider now owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 963,742 shares of company stock valued at $39,668,077. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Alta Advisers Ltd acquired a new position in shares of DraftKings during the second quarter valued at about $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings during the 2nd quarter worth approximately $39,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings in the third quarter valued at approximately $43,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings during the third quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV raised its position in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the period. 37.70% of the stock is owned by 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.