DraftKings Inc. (NASDAQ:DKNG) Receives $51.00 Average Price Target from Analysts

Shares of DraftKings Inc. (NASDAQ:DKNG) have received a consensus recommendation of “Moderate Buy” from the twenty-six research firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and twenty-three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $51.00.

A number of equities research analysts recently commented on DKNG shares. Barclays lifted their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Susquehanna increased their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. Benchmark restated a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Finally, Morgan Stanley increased their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd.

Insider Buying and Selling

In other news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred 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 transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 963,742 shares of company stock worth $39,668,077. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently added to or reduced their stakes in the stock. Alta Advisers Ltd purchased a new stake in shares of DraftKings in the 2nd quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings in the second quarter valued at approximately $39,000. Delos Wealth Advisors LLC acquired a new position in DraftKings in the third quarter valued at approximately $43,000. V Square Quantitative Management LLC purchased a new position in DraftKings in the third quarter worth approximately $46,000. Finally, Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Down 5.0 %

Shares of DraftKings stock opened at $38.34 on Friday. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The firm’s 50 day simple moving average is $40.24 and its two-hundred day simple moving average is $38.10. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $33.76 billion, a price-to-earnings ratio of -43.57 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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 return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Analysts predict that DraftKings will post -0.79 EPS for the current 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.