DraftKings (NASDAQ:DKNG) Trading Down 4.1% – Here’s What Happened

Shares of DraftKings Inc. (NASDAQ:DKNG) dropped 4.1% during mid-day trading on Monday . The company traded as low as $36.83 and last traded at $36.88. Approximately 1,546,099 shares changed hands during trading, a decline of 85% from the average daily volume of 10,347,255 shares. The stock had previously closed at $38.46.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DKNG shares. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday. Barclays increased their price target on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Macquarie reaffirmed an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research note on Monday, August 26th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.22.

DraftKings Trading Up 1.4 %

The firm’s 50-day simple moving average is $37.05 and its 200-day simple moving average is $38.48. The firm has a market capitalization of $32.74 billion, a PE ratio of -31.92 and a beta of 1.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company 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 43.11% and a negative net margin of 9.45%. DraftKings’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.17) EPS. Equities analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’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 sale, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,132,095 shares of company stock worth $42,890,328. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in shares of DraftKings during the 2nd quarter valued at about $1,530,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in DraftKings by 63.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock worth $3,129,000 after buying an additional 31,880 shares during the period. Allspring Global Investments Holdings LLC boosted its position in DraftKings by 14.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,400,331 shares of the company’s stock valued at $94,093,000 after acquiring an additional 298,365 shares in the last quarter. LRI Investments LLC purchased a new position in shares of DraftKings during the 1st quarter worth approximately $31,000. Finally, Atwood & Palmer Inc. raised its position in shares of DraftKings by 4.0% in the 3rd quarter. Atwood & Palmer Inc. now owns 515,075 shares of the company’s stock worth $20,191,000 after acquiring an additional 19,887 shares in 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.