DraftKings Inc. (NASDAQ:DKNG) Short Interest Update

DraftKings Inc. (NASDAQ:DKNG) was the target of a large drop in short interest in 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 trading volume of 13,952,102 shares, the days-to-cover ratio is currently 2.3 days. Approximately 12.3% of the company’s stock are short sold. Approximately 12.3% of the company’s stock are short sold. Based on an average trading volume of 13,952,102 shares, the days-to-cover ratio is currently 2.3 days.

Insiders Place Their Bets

In other news, CAO Erik Bradbury sold 7,268 shares of DraftKings stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the transaction, the chief accounting officer owned 36,736 shares of the company’s stock, valued at $826,560. The trade was a 16.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the transaction, the insider owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 549,495 shares of company stock worth $14,166,700. Insiders own 47.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DKNG. Dagco Inc. acquired a new position in shares of DraftKings in the fourth quarter worth about $26,000. Ameriflex Group Inc. grew its position in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the period. Root Financial Partners LLC acquired a new stake in shares of DraftKings during the 3rd quarter valued at about $33,000. Asset Dedication LLC purchased a new position in shares of DraftKings in the 3rd quarter valued at about $37,000. Finally, AlphaQuest LLC purchased a new position in shares of DraftKings in the 3rd quarter valued at about $41,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DKNG. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research note on Tuesday, February 24th. Zacks Research lowered shares of DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Stifel Nicolaus decreased their price target on shares of DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Oppenheimer lowered their price objective on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Finally, Susquehanna set a $33.00 price objective on shares of DraftKings in a report on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $37.09.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $25.22 on Wednesday. DraftKings has a twelve month low of $21.01 and a twelve month high of $48.78. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The company has a market cap of $12.43 billion, a PE ratio of -630.50, a price-to-earnings-growth ratio of 1.02 and a beta of 1.67. The company’s 50 day moving average is $27.46 and its 200 day moving average is $32.83.

About DraftKings

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.