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

DraftKings Inc. (NASDAQ:DKNG) has been given an average recommendation of “Moderate Buy” by the twenty-nine analysts that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and twenty-five have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $49.24.

Several research analysts have weighed in on the company. Stifel Nicolaus lowered their price objective on DraftKings from $51.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $55.00 price objective on shares of DraftKings in a research report on Thursday, March 28th. Mizuho assumed coverage on DraftKings in a research report on Tuesday, March 26th. They set a “buy” rating and a $58.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, May 6th. Finally, BTIG Research increased their target price on DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 6th.

DraftKings Stock Up 2.9 %

DKNG opened at $38.17 on Friday. DraftKings has a 1-year low of $24.97 and a 1-year high of $49.57. The stock’s fifty day simple moving average is $40.72 and its 200 day simple moving average is $40.54. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a market cap of $33.18 billion, a PE ratio of -32.35 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.87) EPS. As a group, research analysts expect that DraftKings will post -0.22 earnings per share for the current year.

Insider Activity

In other news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the transaction, the insider now directly owns 205,962 shares in the company, valued at $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at $9,537,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $7,975,000. RDA Financial Network purchased a new position in shares of DraftKings during the first quarter valued at approximately $232,000. Deutsche Bank AG boosted its position in shares of DraftKings by 169.1% during the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of DraftKings during the third quarter valued at approximately $209,000. Finally, Schonfeld Strategic Advisors LLC boosted its position in shares of DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 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.