DraftKings (NASDAQ:DKNG) Shares Down 4.5%

Shares of DraftKings Inc. (NASDAQ:DKNG) were down 4.5% during mid-day trading on Wednesday . The company traded as low as $42.75 and last traded at $42.93. Approximately 7,798,245 shares changed hands during trading, a decline of 34% from the average daily volume of 11,796,865 shares. The stock had previously closed at $44.94.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on DKNG shares. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. UBS Group upped their target price on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Oppenheimer lifted their price objective on DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Piper Sandler lifted their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Finally, Morgan Stanley lifted their price objective on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. 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 company has a consensus rating of “Moderate Buy” and an average price target of $46.93.

DraftKings Stock Down 4.3 %

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’s 50-day moving average is $43.87 and its 200 day moving average is $37.78. The stock has a market cap of $37.27 billion, a price-to-earnings ratio of -24.65 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) 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 business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company earned ($0.53) EPS. DraftKings’s revenue was up 43.9% on a year-over-year basis. Sell-side analysts anticipate that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 value of $7,564,000.00. Following the transaction, the insider now directly owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s 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 completion of the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock valued at $65,685,509 over the last 90 days. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Highlander Capital Management LLC lifted its position in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in DraftKings during the 4th quarter valued at about $26,000. Parkside Financial Bank & Trust increased its stake in DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after buying an additional 710 shares during the period. O Dell Group LLC acquired a new position in DraftKings during the 4th quarter valued at about $28,000. Finally, Montag A & Associates Inc. acquired a new position in DraftKings during the 4th quarter valued at about $29,000. 37.70% of the stock is currently owned by institutional investors.

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.