DraftKings Inc. (NASDAQ:DKNG) Short Interest Down 16.9% in February

DraftKings Inc. (NASDAQ:DKNG) was the target of a large drop in short interest in the month of February. As of February 27th, there was short interest totaling 32,087,867 shares, a drop of 16.9% from the February 12th total of 38,632,527 shares. Based on an average daily volume of 13,952,102 shares, the days-to-cover ratio is currently 2.3 days. Currently, 12.3% of the company’s shares are sold short. Currently, 12.3% of the company’s shares are sold short. Based on an average daily volume of 13,952,102 shares, the days-to-cover ratio is currently 2.3 days.

Analysts Set New Price Targets

Several brokerages recently commented on DKNG. Canaccord Genuity Group reduced their price target on shares of DraftKings from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Bank of America cut their target price on shares of DraftKings from $37.50 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. JPMorgan Chase & Co. reduced their target price on DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, February 17th. Berenberg Bank set a $26.40 price target on DraftKings in a report on Tuesday, February 24th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.09.

Insider Buying and Selling

In other news, Director Harry Sloan acquired 100,000 shares of DraftKings stock in a transaction on Tuesday, February 17th. The stock was bought at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the purchase, the director owned 350,219 shares of the company’s stock, valued at $7,652,285.15. This represents a 39.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Erik Bradbury sold 7,268 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the transaction, the chief accounting officer owned 36,736 shares of the company’s stock, valued at approximately $826,560. The trade was a 16.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 547,345 shares of company stock worth $14,111,660. Company insiders own 47.08% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dagco Inc. acquired a new stake in shares of DraftKings during the 4th quarter valued at about $26,000. Ameriflex Group Inc. increased its holdings in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares during the last quarter. Root Financial Partners LLC bought a new position in DraftKings during the third quarter valued at approximately $33,000. Asset Dedication LLC acquired a new stake in DraftKings in the third quarter valued at approximately $37,000. Finally, Montag A & Associates Inc. grew its position in DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Down 3.7%

Shares of NASDAQ DKNG traded down $0.97 during mid-day trading on Monday, reaching $24.90. The company had a trading volume of 12,321,717 shares, compared to its average volume of 15,875,491. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. DraftKings has a twelve month low of $21.01 and a twelve month high of $48.78. The stock’s 50 day moving average is $27.88 and its 200-day moving average is $33.15. The stock has a market capitalization of $12.28 billion, a PE ratio of -622.50, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.