DraftKings Inc. (NASDAQ:DKNG) Given Average Recommendation of “Moderate Buy” by Analysts

DraftKings Inc. (NASDAQ:DKNG) has earned a consensus rating of “Moderate Buy” from the twenty-six research firms that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $51.00.

A number of research firms have recently weighed in on DKNG. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Macquarie raised their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley raised their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Wells Fargo & Company upped their price objective on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, TD Cowen lifted their price objective on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 963,742 shares of company stock worth $39,668,077. Insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Fifth Third Bancorp increased its stake in DraftKings by 93.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,790 shares of the company’s stock valued at $68,000 after buying an additional 865 shares during the last quarter. McAdam LLC lifted its stake in DraftKings by 10.3% in the second quarter. McAdam LLC now owns 7,469 shares of the company’s stock worth $285,000 after purchasing an additional 696 shares during the last quarter. Institute for Wealth Management LLC. lifted its position in DraftKings by 51.4% in the second quarter. Institute for Wealth Management LLC. now owns 21,607 shares of the company’s stock valued at $825,000 after purchasing an additional 7,340 shares during the last quarter. Addison Capital Co increased its position in shares of DraftKings by 5.2% in the second quarter. Addison Capital Co now owns 27,533 shares of the company’s stock valued at $1,051,000 after acquiring an additional 1,358 shares during the period. Finally, Catalyst Capital Advisors LLC increased its stake in shares of DraftKings by 130.2% during the second quarter. Catalyst Capital Advisors LLC now owns 47,200 shares of the company’s stock valued at $1,802,000 after buying an additional 26,700 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 2.4 %

Shares of DraftKings stock opened at $40.35 on Friday. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The firm has a market capitalization of $35.53 billion, a PE ratio of -45.85 and a beta of 1.87. The company’s fifty day moving average price is $40.24 and its two-hundred day moving average price is $38.08. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, analysts expect 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.