DraftKings Inc. (NASDAQ:DKNG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given an average recommendation of “Moderate Buy” by the twenty-eight brokerages that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and twenty-five have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $54.44.

Several brokerages have commented on DKNG. BTIG Research set a $59.00 price target on DraftKings in a research note on Monday, February 3rd. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Needham & Company LLC set a $65.00 target price on DraftKings in a research note on Tuesday, February 18th. Stifel Nicolaus increased their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Finally, Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.41 on Thursday. The firm has a market capitalization of $21.27 billion, a PE ratio of -40.95, a P/E/G ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The business has a 50-day moving average of $42.00 and a two-hundred day moving average of $39.97. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, research analysts forecast that DraftKings will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the transaction, the insider now owns 4,140,509 shares in the company, valued at $168,146,070.49. The trade was a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,783,488 shares of company stock worth $118,128,867 in the last 90 days. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after acquiring an additional 707,504 shares in the last quarter. FMR LLC raised its stake in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after acquiring an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC raised its stake in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after acquiring an additional 89,988 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

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.