DraftKings (NASDAQ:DKNG) Stock Price Down 6.6%

DraftKings Inc. (NASDAQ:DKNG)’s share price was down 6.6% on Wednesday . The stock traded as low as $45.02 and last traded at $45.47. Approximately 9,759,637 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 11,958,029 shares. The stock had previously closed at $48.68.

Analyst Ratings Changes

Several research analysts recently weighed in on DKNG shares. Susquehanna increased their price objective on DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday. UBS Group increased their price objective on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Oppenheimer increased their price objective on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Morgan Stanley increased their price objective on DraftKings from $40.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 28th. Finally, Stifel Nicolaus upgraded DraftKings from a “hold” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.43.

DraftKings Price Performance

The stock has a market capitalization of $39.35 billion, a price-to-earnings ratio of -25.95 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The company has a 50-day moving average of $42.43 and a 200-day moving average of $36.28.

DraftKings (NASDAQ:DKNG) last announced 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 net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the firm earned ($0.53) earnings per share. The firm’s quarterly revenue was up 43.9% on a year-over-year basis. As a group, equities research analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on 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 directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was 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 owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. In the last three months, insiders sold 1,596,101 shares of company stock valued at $65,685,509. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp grew its position in DraftKings by 8.3% in the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC grew its position in DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares during the last quarter. Signaturefd LLC grew its position in DraftKings by 7.6% in the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock worth $158,000 after purchasing an additional 379 shares during the last quarter. Stratos Wealth Advisors LLC grew its position in DraftKings by 3.8% in the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after purchasing an additional 381 shares during the last quarter. Finally, Udine Wealth Management Inc. grew its position in DraftKings by 0.5% in the 3rd quarter. Udine Wealth Management Inc. now owns 79,352 shares of the company’s stock worth $2,336,000 after purchasing an additional 384 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.