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

DraftKings Inc. (NASDAQ:DKNG) has been given a consensus recommendation of “Moderate Buy” by the twenty-six brokerages that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $51.08.

Several equities analysts have recently weighed in on DKNG shares. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Barclays lifted their price target on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Finally, Morgan Stanley upped their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd.

Insider Buying and Selling

In other news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,052,183 shares of company stock worth $41,303,025 in the last three months. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings during the third quarter worth about $43,000. V Square Quantitative Management LLC acquired a new stake in DraftKings in the 3rd quarter worth approximately $46,000. Creative Financial Designs Inc. ADV grew its position in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. Eastern Bank acquired a new position in DraftKings during the 3rd quarter valued at approximately $59,000. Finally, Quarry LP purchased a new position in shares of DraftKings in the second quarter worth $87,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Price Performance

DraftKings stock opened at $40.00 on Wednesday. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a market cap of $35.23 billion, a price-to-earnings ratio of -45.45 and a beta of 1.90. The firm’s fifty day moving average is $40.64 and its 200 day moving average is $37.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced 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 net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Sell-side analysts forecast that DraftKings will post -0.79 EPS for the current fiscal year.

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.