DraftKings Inc. (NASDAQ:DKNG) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-nine ratings firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $49.17.

A number of equities analysts have recently issued reports on DKNG shares. Wells Fargo & Company dropped their price target on DraftKings from $54.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 25th. Susquehanna dropped their price target on DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research report on Wednesday, June 5th. Deutsche Bank Aktiengesellschaft increased their price target on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, May 6th. BMO Capital Markets increased their price target on DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Finally, Jefferies Financial Group increased their price target on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, May 6th.

DraftKings Stock Performance

DKNG stock opened at $37.07 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The business’s fifty day simple moving average is $40.25 and its two-hundred day simple moving average is $40.59. DraftKings has a twelve month low of $24.97 and a twelve month high of $49.57. The firm has a market cap of $32.22 billion, a price-to-earnings ratio of -31.42 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business earned ($0.87) EPS. The business’s revenue for the quarter was up 52.7% on a year-over-year basis. Analysts predict that DraftKings will post -0.24 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the sale, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,520,340 shares of company stock worth $60,996,583. 48.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Highlander Capital Management LLC raised its position in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares during the period. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings in the 4th quarter valued at $29,000. LRI Investments LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at $31,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of DraftKings in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.