DraftKings Inc. (NASDAQ:DKNG – Get Free Report)’s share price was down 5.1% during mid-day trading on Monday . The company traded as low as $38.25 and last traded at $38.28. Approximately 1,721,669 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 10,118,333 shares. The stock had previously closed at $40.35.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. JMP Securities raised their target price on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Finally, Macquarie boosted their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.00.
DraftKings Stock Performance
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 50 day moving average of $40.24 and a two-hundred day moving average of $38.10. The stock has a market cap of $33.76 billion, a P/E ratio of -43.57 and a beta of 1.87.
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, research analysts predict that DraftKings Inc. will post -0.79 EPS for the current fiscal year.
Insider Activity at DraftKings
In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock valued at $39,668,077 over the last quarter. 51.19% of the stock is owned by company insiders.
Institutional Trading of DraftKings
Institutional investors have recently bought and sold shares of the business. Alta Advisers Ltd bought a new stake in DraftKings in the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings during the 2nd quarter worth $39,000. Delos Wealth Advisors LLC bought a new position in DraftKings during the third quarter worth about $43,000. V Square Quantitative Management LLC acquired a new position in DraftKings in the third quarter valued at about $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. Institutional investors and hedge funds 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.