Brokerages Set DraftKings Inc. (NASDAQ:DKNG) Price Target at $50.22

DraftKings Inc. (NASDAQ:DKNG) has been given a consensus recommendation of “Moderate Buy” by the twenty-seven research firms that are currently covering the company, Marketbeat Ratings 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 twelve-month target price among analysts that have updated their coverage on the stock in the last year is $50.22.

A number of analysts recently issued reports on the company. Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Barclays upped their target price on DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. JMP Securities restated a “market outperform” rating and set a $51.00 price target on shares of DraftKings in a research note on Monday, October 14th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Finally, Bank of America cut their target price 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 at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The trade was a 0.00 % 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 Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,220,536 shares of company stock worth $46,110,465. Company insiders own 48.94% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently made changes to their positions in the company. Marshall Wace LLP raised its position in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. boosted its position in DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after purchasing an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP purchased a new position in DraftKings during the second quarter worth approximately $39,306,000. Kodai Capital Management LP acquired a new stake in DraftKings in the first quarter valued at approximately $41,276,000. Finally, AQR Capital Management LLC increased its position in shares of DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Up 2.1 %

Shares of DKNG opened at $36.45 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $32.02 billion, a price-to-earnings ratio of -40.96 and a beta of 1.82. The company has a 50-day moving average of $37.37 and a 200 day moving average of $37.94. DraftKings has a 1-year low of $28.69 and a 1-year high of $49.57.

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.