DraftKings Inc. (NASDAQ:DKNG) Short Interest Update

DraftKings Inc. (NASDAQ:DKNG) saw a large decrease in short interest during 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 trading volume of 10,790,000 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on DKNG shares. BMO Capital Markets raised their price target on shares of DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. UBS Group increased their price objective on DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. JMP Securities reissued a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. Barclays increased their price objective on DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Finally, Jefferies Financial Group increased their price objective on DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Insider Activity

In other news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, 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 completion of the sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The disclosure for this sale can be found here. Insiders sold a total of 1,520,340 shares of company stock valued at $60,996,583 in the last ninety days. 48.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Norges Bank bought a new position in DraftKings in the fourth quarter valued at about $192,140,000. Ameriprise Financial Inc. boosted its stake in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of DraftKings during the fourth quarter valued at about $87,829,000. Finally, Vanguard Group Inc. boosted its stake in shares of DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $37.44 on Thursday. DraftKings has a fifty-two week low of $24.97 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a fifty day moving average of $40.45 and a 200-day moving average of $40.60.

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

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.