Brokerages Set DraftKings Inc. (NASDAQ:DKNG) Target Price at $51.08

Shares of DraftKings Inc. (NASDAQ:DKNGGet Free Report) have been assigned an average recommendation of “Moderate Buy” from the twenty-six brokerages that are currently 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 price objective among brokerages that have covered the stock in the last year is $51.08.

A number of research firms have issued reports on DKNG. Macquarie increased their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their target price on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Morgan Stanley raised their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th.

Check Out Our Latest Analysis on DraftKings

Insiders Place Their Bets

In related news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now directly owns 1,342,722 shares in the company, valued at approximately $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 3,151 shares of the business’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 transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,052,183 shares of company stock valued at $41,303,025 in the last three months. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently made changes to their positions in the business. Marshall Wace LLP grew its position 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 during the period. Fred Alger Management LLC grew its position in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the period. Blue Whale Capital LLP purchased a new stake in shares of DraftKings during the 2nd quarter worth approximately $39,306,000. AQR Capital Management LLC raised its holdings in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares during the period. Finally, FMR LLC lifted its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

DKNG stock opened at $39.29 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market cap of $34.60 billion, a price-to-earnings ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The company’s fifty day simple moving average is $40.67 and its 200 day simple moving average is $37.95. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNGGet Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (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 analyst estimates of $1.12 billion. On average, analysts expect that DraftKings will post -0.83 earnings per share for the current year.

About DraftKings

(Get Free Report

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.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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