Short Interest in DraftKings Inc. (NASDAQ:DKNG) Decreases By 6.4%

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) was the target of a significant drop in short interest during the month of April. As of April 30th, there was short interest totalling 18,730,000 shares, a drop of 6.4% from the April 15th total of 20,000,000 shares. Based on an average daily volume of 11,420,000 shares, the days-to-cover ratio is currently 1.6 days.

DraftKings Trading Down 1.7 %

Shares of DraftKings stock traded down $0.76 on Friday, reaching $44.21. 5,713,439 shares of the company were exchanged, compared to its average volume of 11,312,874. DraftKings has a fifty-two week low of $22.65 and a fifty-two week high of $49.57. The firm has a market capitalization of $38.43 billion, a price-to-earnings ratio of -37.47 and a beta of 1.87. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a fifty day moving average price of $43.85 and a 200-day moving average price of $39.79.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. DraftKings's quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.87) EPS. On average, analysts expect that DraftKings will post -0.19 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 600,000 shares of company stock worth $24,894,000 over the last quarter. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Highlander Capital Management LLC boosted its position 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 buying an additional 450 shares during the period. LRI Investments LLC acquired a new stake in DraftKings during the 1st quarter worth about $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings during the 1st quarter valued at about $33,000. Transcendent Capital Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at about $26,000. Finally, Concord Wealth Partners lifted its position in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company's stock worth $35,000 after purchasing an additional 453 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DKNG shares. Bank Of America (Bofa) raised their price objective on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Jefferies Financial Group increased their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, May 6th. Needham & Company LLC restated a "buy" rating and set a $58.00 target price on shares of DraftKings in a report on Friday, May 3rd. BTIG Research boosted their price objective on DraftKings from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, May 6th. Finally, The Goldman Sachs Group initiated coverage on DraftKings in a research note on Tuesday, April 16th. They issued a "buy" rating and a $60.00 target price for the company. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $49.21.

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.

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