Analysts Set DraftKings Inc. (NASDAQ:DKNG) Price Target at $49.44

DraftKings Inc. (NASDAQ:DKNG) has received an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $49.56.

Several analysts recently issued reports on the stock. Guggenheim cut their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Jefferies Financial Group upped their price target on shares of DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft upped their price target on shares of DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. Berenberg Bank raised shares of DraftKings to a “hold” rating in a report on Friday, May 31st. Finally, Susquehanna lowered their target price on shares of DraftKings from $49.00 to $47.00 and set a “positive” rating for the company in a research note on Thursday, August 1st.

DraftKings Trading Up 1.1 %

NASDAQ DKNG opened at $34.80 on Friday. The company’s fifty day simple moving average is $36.59 and its 200-day simple moving average is $40.44. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. 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 $30.25 billion, a P/E ratio of -29.49 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.17) earnings per share. Equities research analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $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 company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The disclosure for this sale can be found here. In the last three months, insiders sold 1,183,546 shares of company stock valued at $44,171,617. 51.19% of the stock is owned by insiders.

Institutional Trading of DraftKings

A number of hedge funds have recently bought and sold shares of DKNG. Norges Bank purchased a new stake in DraftKings during the fourth quarter valued at about $192,140,000. Marshall Wace LLP lifted its stake in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. First Trust Advisors LP lifted its stake in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after buying an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. acquired a new position in shares of DraftKings in the 4th quarter valued at about $87,829,000. Finally, Vanguard Group Inc. increased its holdings in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the period. 37.70% of the stock is owned by hedge funds and other 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.