DraftKings Sees Unusually Large Options Volume (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNGGet Rating) saw unusually large options trading on Thursday. Stock investors purchased 103,239 call options on the company. This represents an increase of approximately 13% compared to the average volume of 91,185 call options.

DraftKings Stock Up 9.8 %

NASDAQ DKNG opened at $17.96 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.96 and a quick ratio of 2.96. The stock has a market capitalization of $14.40 billion, a PE ratio of -4.43 and a beta of 2.03. DraftKings has a 1 year low of $9.77 and a 1 year high of $64.58. The business’s 50-day moving average is $13.14 and its 200 day moving average is $16.28.

DraftKings (NASDAQ:DKNGGet Rating) last issued its quarterly earnings data on Friday, May 6th. The company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.08. DraftKings had a negative net margin of 117.39% and a negative return on equity of 86.40%. The business had revenue of $417.21 million during the quarter, compared to analyst estimates of $404.20 million. Sell-side analysts forecast that DraftKings will post -3.58 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. JMP Securities assumed coverage on DraftKings in a research report on Tuesday, June 28th. They issued an “outperform” rating and a $25.00 price objective on the stock. Craig Hallum reduced their target price on DraftKings from $40.00 to $30.00 in a research note on Monday, May 9th. Canaccord Genuity Group reduced their target price on DraftKings from $40.00 to $34.00 in a research note on Monday, May 9th. Morgan Stanley reissued an “overweight” rating and issued a $31.00 target price on shares of DraftKings in a research note on Thursday, June 23rd. Finally, Barclays started coverage on DraftKings in a research note on Tuesday, June 28th. They issued an “equal weight” rating and a $14.00 target price on the stock. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.73.

Institutional Trading of DraftKings

Several institutional investors and hedge funds have recently bought and sold shares of DKNG. Redpoint Management LLC purchased a new stake in DraftKings in the fourth quarter worth about $189,342,000. HG Vora Capital Management LLC purchased a new stake in DraftKings in the first quarter worth about $126,555,000. DAVENPORT & Co LLC lifted its holdings in DraftKings by 115.1% in the second quarter. DAVENPORT & Co LLC now owns 5,184,744 shares of the company’s stock worth $60,536,000 after buying an additional 2,774,000 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in DraftKings by 26.1% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 12,290,927 shares of the company’s stock worth $341,688,000 after buying an additional 2,540,748 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in DraftKings by 21.2% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 12,810,865 shares of the company’s stock worth $351,914,000 after buying an additional 2,240,370 shares during the period. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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