DraftKings (NASDAQ:DKNG) Trading Up 3.5%

DraftKings Inc. (NASDAQ:DKNG)’s stock price traded up 3.5% during mid-day trading on Tuesday . The company traded as high as $45.40 and last traded at $45.27. 4,669,838 shares were traded during trading, a decline of 60% from the average session volume of 11,766,450 shares. The stock had previously closed at $43.72.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Mizuho assumed coverage on shares of DraftKings in a research report on Tuesday, March 26th. They set a “buy” rating and a $58.00 target price on the stock. Bank Of America (Bofa) increased their target price on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Truist Financial reiterated a “buy” rating and set a $55.00 price target (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Morgan Stanley increased their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Finally, Susquehanna increased their price target on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday, March 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.93.

DraftKings Price Performance

The company’s 50 day moving average price is $43.81 and its 200-day moving average price is $37.67. The stock has a market cap of $39.09 billion, a P/E ratio of -25.87 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business earned ($0.53) EPS. DraftKings’s quarterly revenue was up 43.9% on a year-over-year basis. As a group, sell-side analysts expect that DraftKings Inc. will post -0.25 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of DraftKings 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 transaction, the insider now owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other DraftKings 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 value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’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 sale, the insider now owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. 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 quarter. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new stake in DraftKings in the fourth quarter worth $7,975,000. Deutsche Bank AG grew its holdings in DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of DraftKings during the third quarter valued at about $209,000. Schonfeld Strategic Advisors LLC grew its holdings in shares of DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of DraftKings by 1.1% during the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after buying an additional 1,237 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.