DraftKings Inc. (NASDAQ:DKNG) Receives Consensus Rating of “Moderate Buy” from Analysts

DraftKings Inc. (NASDAQ:DKNG) has received an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $50.85.

A number of research analysts have issued reports on the stock. TD Cowen upped their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Oppenheimer dropped their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. The Goldman Sachs Group reduced their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Susquehanna upped their price objective on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th.

Insiders Place Their Bets

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 735,246 shares of company stock worth $29,902,158. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co lifted its stake in shares of DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after buying an additional 249 shares during the last quarter. Global Retirement Partners LLC lifted its position in DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after acquiring an additional 273 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after acquiring an additional 286 shares during the period. Creative Financial Designs Inc. ADV grew its position in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its position in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $43.00 on Tuesday. The company has a 50 day moving average price of $39.02 and a 200 day moving average price of $37.89. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $37.87 billion, a PE ratio of -48.86 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Analysts forecast that DraftKings will post -0.79 EPS for the current year.

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.