Short Interest in DraftKings Inc. (NASDAQ:DKNG) Decreases By 5.0%

DraftKings Inc. (NASDAQ:DKNG) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 20,250,000 shares, a decrease of 5.0% from the May 31st total of 21,320,000 shares. Based on an average daily trading volume, of 10,790,000 shares, the short-interest ratio is presently 1.9 days.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the transaction, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the transaction, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Harry Sloan sold 250,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after purchasing an additional 747,937 shares during the last quarter. Jericho Capital Asset Management L.P. increased its stake in DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after buying an additional 2,022,000 shares during the period. Norges Bank acquired a new position in DraftKings during the 4th quarter valued at about $192,140,000. Ameriprise Financial Inc. increased its stake in DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after buying an additional 3,444,107 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in DraftKings by 21.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after buying an additional 781,058 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

DraftKings stock opened at $36.94 on Wednesday. The firm’s 50-day moving average is $40.52 and its 200-day moving average is $40.62. DraftKings has a 1 year low of $24.97 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.87) earnings per share. As a group, research analysts forecast that DraftKings will post -0.24 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of several recent research reports. UBS Group increased their price objective on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Wells Fargo & Company dropped their price objective on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, June 25th. BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a research report on Wednesday, June 5th. Finally, Benchmark increased their price objective on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.17.

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.