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

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

Several research analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Truist Financial reaffirmed a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th.

DraftKings Stock Performance

Shares of DKNG opened at $43.00 on Tuesday. The company has a market capitalization of $37.87 billion, a PE ratio of -48.86 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50 day moving average price is $39.02 and its 200 day moving average price is $37.89. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57.

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

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The shares were 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 approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 735,246 shares of company stock worth $29,902,158. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of large investors have recently bought and sold shares of DKNG. O Shaughnessy Asset Management LLC boosted its position in DraftKings by 18.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 11,267 shares of the company’s stock valued at $512,000 after buying an additional 1,776 shares in the last quarter. Advisors Asset Management Inc. grew its position in DraftKings by 34.3% during the 1st quarter. Advisors Asset Management Inc. now owns 21,013 shares of the company’s stock worth $954,000 after acquiring an additional 5,368 shares during the last quarter. LRI Investments LLC acquired a new stake in DraftKings during the 1st quarter valued at $31,000. BOKF NA raised its position in DraftKings by 2,193.9% in the 1st quarter. BOKF NA now owns 24,935 shares of the company’s stock valued at $1,121,000 after purchasing an additional 23,848 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in DraftKings in the first quarter worth $476,000. 37.70% of the stock is currently owned by institutional investors.

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.