DraftKings (NASDAQ:DKNG) Shares Down 4.5%

DraftKings Inc. (NASDAQ:DKNG)’s share price was down 4.5% during trading on Wednesday . The company traded as low as $42.75 and last traded at $42.93. Approximately 7,798,245 shares were traded during trading, a decline of 34% from the average daily volume of 11,796,865 shares. The stock had previously closed at $44.94.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DKNG. Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and lifted their price target for the company from $40.00 to $45.00 in a research report on Friday, January 19th. Needham & Company LLC lifted their price target on shares of DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, March 27th. Oppenheimer lifted their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Barclays lifted their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Wells Fargo & Company lifted their target price on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $47.00.

DraftKings Stock Down 2.3 %

The business’s 50 day moving average is $43.84 and its 200-day moving average is $37.84. The stock has a market cap of $35.25 billion, a price-to-earnings ratio of -23.31 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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). The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) EPS. On average, sell-side analysts predict that DraftKings Inc. will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at approximately $91,656,240. 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 510,000 shares of DraftKings stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at approximately $91,656,240. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in DraftKings in the 4th quarter valued at about $7,975,000. Deutsche Bank AG raised its holdings in DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new stake in DraftKings in the 3rd quarter valued at about $209,000. Schonfeld Strategic Advisors LLC raised its holdings in DraftKings by 27.6% in the 3rd 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 period. Finally, Arizona State Retirement System raised its holdings in DraftKings by 1.1% in the 4th 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 period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.