DraftKings Inc. (NASDAQ:DKNG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have received a consensus rating of “Moderate Buy” from the twenty-seven analysts that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and twenty-four have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $49.78.

Several brokerages have commented on DKNG. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Monday. Barclays reduced their price objective on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Guggenheim dropped their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Susquehanna increased their price target on DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a report on Wednesday, September 4th.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,220,537 shares of company stock valued at $44,784,070. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Several large investors have recently made changes to their positions in the business. LRI Investments LLC purchased a new stake in DraftKings during the first quarter worth about $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings during the 1st quarter valued at approximately $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $26,000. Concord Wealth Partners raised its holdings in shares of DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its stake in DraftKings by 117.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

Shares of DKNG opened at $38.07 on Thursday. The stock has a market cap of $33.09 billion, a PE ratio of -32.26 and a beta of 1.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The business has a 50-day simple moving average of $35.35 and a two-hundred day simple moving average of $39.50. DraftKings has a 12-month low of $25.73 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) EPS. Analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

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.