DraftKings Inc. (NASDAQ:DKNG) Receives $49.81 Average Target Price from Analysts

Shares of DraftKings Inc. (NASDAQ:DKNG) have earned an average rating of “Moderate Buy” from the twenty-seven research firms that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $49.89.

A number of equities analysts recently issued reports on DKNG shares. Barclays raised their price objective on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Morgan Stanley reissued an “overweight” rating and issued a $47.00 price objective on shares of DraftKings in a report on Wednesday, September 11th. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 price target (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Truist Financial reissued a “buy” rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Finally, Bank of America reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd.

Insider Buying and Selling

In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,195,301 shares of company stock worth $45,355,362. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC bought a new stake in DraftKings during the 1st quarter valued at about $31,000. LifeSteps Financial Inc. acquired a new stake in shares of DraftKings in the first quarter valued at about $33,000. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $26,000. Concord Wealth Partners increased its position in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after acquiring an additional 498 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $38.44 on Monday. The company’s fifty day moving average price is $36.08 and its 200-day moving average price is $38.97. The firm has a market capitalization of $33.77 billion, a price-to-earnings ratio of -43.19 and a beta of 1.81. DraftKings has a one year low of $25.73 and a one year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The company had revenue of $1.10 billion during 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 43.11%. DraftKings’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the company posted ($0.17) EPS. On average, equities research analysts anticipate that DraftKings will post -0.31 earnings per share 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.