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

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given an average recommendation of “Moderate Buy” by the twenty-seven research firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and twenty-four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $54.42.

Several analysts have issued reports on the stock. Canaccord Genuity Group boosted their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Truist Financial raised their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Barclays upped their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Cowen restated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th.

Insider Buying and Selling

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the sale, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,775,525 shares of company stock worth $117,241,446 in the last quarter. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DKNG. Principal Financial Group Inc. increased its position in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. boosted its stake in DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after buying an additional 26,164 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in DraftKings by 2.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock valued at $58,038,000 after buying an additional 35,466 shares during the period. Stifel Financial Corp raised its stake in shares of DraftKings by 27.7% in the 3rd quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after buying an additional 42,431 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 4.7 %

Shares of NASDAQ DKNG opened at $35.29 on Monday. The business has a fifty day simple moving average of $42.01 and a 200-day simple moving average of $40.36. The company has a market cap of $17.64 billion, a price-to-earnings ratio of -33.29, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts predict that DraftKings will post 0.64 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.