DraftKings Inc. (NASDAQ:DKNG) Receives $50.92 Average Price Target from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given an average recommendation of “Moderate Buy” by the twenty-six analysts that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $50.92.

DKNG has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research report on Tuesday, January 7th. Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Barclays lifted their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Susquehanna lowered their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company lifted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th.

DraftKings Stock Up 1.4 %

DraftKings stock opened at $43.44 on Friday. The firm has a market capitalization of $21.18 billion, a price-to-earnings ratio of -49.36, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. The firm’s fifty day moving average price is $40.32 and its two-hundred day moving average price is $38.46. DraftKings has a 1-year low of $28.69 and a 1-year high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the company’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 transaction of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock valued at $38,082,888 over the last three months. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. Geode Capital Management LLC raised its position in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after buying an additional 284,131 shares in the last quarter. Baillie Gifford & Co. bought a new stake in DraftKings during the fourth quarter valued at $246,765,000. FMR LLC grew its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares in the last quarter. Finally, Fred Alger Management LLC increased its stake in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

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.