DraftKings Inc. (NASDAQ:DKNG) Short Interest Up 16.5% in March

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 20,370,000 shares, an increase of 16.5% from the March 15th total of 17,480,000 shares. Based on an average daily volume of 12,180,000 shares, the short-interest ratio is currently 1.7 days.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on DKNG shares. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, April 9th. Bank Of America (Bofa) lifted their price target on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Barclays upgraded shares of DraftKings from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $41.00 to $50.00 in a research report on Friday, February 23rd. Truist Financial reissued a "buy" rating and set a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Finally, JMP Securities reissued a "market outperform" rating and set a $52.00 price objective on shares of DraftKings in a research note on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus target price of $46.46.

DraftKings Price Performance

DKNG traded down $1.22 on Friday, hitting $44.22. 6,673,615 shares of the stock were exchanged, compared to its average volume of 10,888,374. DraftKings has a 12 month low of $18.63 and a 12 month high of $49.57. The business has a 50-day moving average of $43.77 and a two-hundred day moving average of $37.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $38.32 billion, a price-to-earnings ratio of -25.27 and a beta of 1.86.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the company earned ($0.53) EPS. The company's revenue for the quarter was up 43.9% compared to the same quarter last year. Sell-side analysts forecast that DraftKings will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares of the company's stock, valued at approximately $144,309,698.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares of the company's stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders sold a total of 1,596,101 shares of company stock valued at $65,685,509 in the last ninety days. Company insiders own 51.19% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in DKNG. Highlander Capital Management LLC lifted its holdings in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company's stock worth $25,000 after acquiring an additional 450 shares during the last quarter. Transcendent Capital Group LLC bought a new position in shares of DraftKings in the fourth quarter worth about $26,000. Parkside Financial Bank & Trust lifted its holdings in shares of DraftKings by 233.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company's stock worth $27,000 after acquiring an additional 710 shares during the last quarter. O Dell Group LLC bought a new position in shares of DraftKings in the fourth quarter worth about $28,000. Finally, Montag A & Associates Inc. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $29,000. 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.