DraftKings (NASDAQ:DKNG) Shares Gap Up to $31.44

DraftKings Inc. (NASDAQ:DKNG) gapped up before the market opened on Wednesday . The stock had previously closed at $31.44, but opened at $33.31. DraftKings shares last traded at $32.13, with a volume of 3,691,804 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. BTIG Research boosted their price objective on DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a report on Monday, May 6th. BMO Capital Markets lowered their target price on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays cut their price target on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Finally, Morgan Stanley lowered their price objective on shares of DraftKings from $51.00 to $47.00 and set an “overweight” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $49.44.

DraftKings Stock Up 3.3 %

The firm’s 50 day simple moving average is $36.94 and its 200-day simple moving average is $40.67. The company has a market cap of $28.23 billion, a price-to-earnings ratio of -26.64 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The business’s revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) EPS. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares in the company, valued at $7,997,504.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,383,546 shares of company stock worth $52,889,617. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Transcendent Capital Group LLC acquired a new stake in DraftKings in the fourth quarter valued at about $26,000. Montag A & Associates Inc. purchased a new position in shares of DraftKings during the 4th quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings in the first quarter valued at approximately $33,000. Finally, Concord Wealth Partners grew its holdings in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares during the period. Hedge funds and other institutional investors 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.