DraftKings (NASDAQ:DKNG) Stock Price Down 6.6%

DraftKings Inc. (NASDAQ:DKNG)’s stock price was down 6.6% during trading on Wednesday . The stock traded as low as $45.02 and last traded at $45.47. Approximately 9,759,637 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 11,958,029 shares. The stock had previously closed at $48.68.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DKNG shares. Moffett Nathanson raised their price target on shares of DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday. BNP Paribas downgraded shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 target price for the company. in a research note on Friday, January 19th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 target price on shares of DraftKings in a research note on Thursday. BMO Capital Markets lifted their target price on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Finally, Oppenheimer raised their price target on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.43.

DraftKings Price Performance

The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $39.35 billion, a P/E ratio of -25.95 and a beta of 1.87. The firm has a 50-day moving average price of $42.43 and a 200 day moving average price of $36.28.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion for 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 was up 43.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.53) earnings per share. On average, analysts expect that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, 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 completion of the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the sale, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock worth $65,685,509 in the last ninety days. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Several large investors have recently modified their holdings of the company. Fifth Third Bancorp grew its holdings in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after acquiring an additional 331 shares during the period. Cornerstone Wealth Management LLC lifted its position in DraftKings by 4.4% during the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after purchasing an additional 341 shares in the last quarter. Signaturefd LLC lifted its position in DraftKings by 7.6% during the third quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after purchasing an additional 379 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in DraftKings by 3.8% during the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after purchasing an additional 381 shares in the last quarter. Finally, Udine Wealth Management Inc. lifted its position in DraftKings by 0.5% during the third quarter. Udine Wealth Management Inc. now owns 79,352 shares of the company’s stock valued at $2,336,000 after purchasing an additional 384 shares in the last quarter. 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.