Stock Traders Purchase High Volume of Call Options on DraftKings (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNG) saw some unusual options trading activity on Thursday. Stock traders acquired 75,064 call options on the company. This is an increase of approximately 27% compared to the typical volume of 59,139 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Stifel Nicolaus restated a “buy” rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Barclays boosted their price target on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $51.00 target price on shares of DraftKings in a report on Monday, October 14th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Stock Up 2.1 %

DraftKings stock traded up $0.80 during mid-day trading on Thursday, reaching $39.05. 8,528,292 shares of the company’s stock were exchanged, compared to its average volume of 10,188,861. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company has a fifty day moving average of $37.37 and a 200-day moving average of $37.94.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Corporate insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of DKNG. Swiss National Bank grew its position in DraftKings by 2.1% during the 3rd quarter. Swiss National Bank now owns 1,294,564 shares of the company’s stock worth $50,747,000 after purchasing an additional 27,000 shares during the last quarter. Claro Advisors LLC grew its position in DraftKings by 3.7% during the 3rd quarter. Claro Advisors LLC now owns 17,829 shares of the company’s stock worth $699,000 after purchasing an additional 631 shares during the last quarter. Atlanta Consulting Group Advisors LLC purchased a new position in DraftKings during the 3rd quarter worth $321,000. Mount Lucas Management LP grew its position in DraftKings by 2.4% during the 3rd quarter. Mount Lucas Management LP now owns 26,291 shares of the company’s stock worth $1,031,000 after purchasing an additional 618 shares during the last quarter. Finally, Veery Capital LLC grew its position in DraftKings by 21.6% during the 3rd quarter. Veery Capital LLC now owns 31,659 shares of the company’s stock worth $1,241,000 after purchasing an additional 5,626 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.