Draftkings Inc (NASDAQ:DKNG) Receives $44.50 Average Target Price from Analysts

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Shares of Draftkings Inc (NASDAQ:DKNG) have earned an average recommendation of “Buy” from the thirteen analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $44.73.

Several research analysts have weighed in on the stock. Susquehanna Bancshares increased their price target on shares of Draftkings from $35.00 to $48.00 in a report on Wednesday, June 3rd. Cannonball Research assumed coverage on Draftkings in a research note on Tuesday, May 26th. They set a “buy” rating and a $35.00 target price on the stock. Jefferies Financial Group initiated coverage on Draftkings in a research note on Monday, June 22nd. They issued a “buy” rating and a $55.00 price target for the company. Canaccord Genuity upped their price objective on Draftkings from $35.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. They noted that the move was a valuation call. Finally, Benchmark assumed coverage on Draftkings in a report on Friday. They set a “buy” rating and a $47.00 target price for the company.

Shares of Draftkings stock opened at $33.38 on Tuesday. The firm’s fifty day simple moving average is $35.54. Draftkings has a 1 year low of $9.76 and a 1 year high of $44.79.

Draftkings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 15th. The company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.15. Equities research analysts expect that Draftkings will post -0.7 earnings per share for the current fiscal year.

In other news, insider Jason Robins sold 548,862 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $38.80, for a total transaction of $21,295,845.60. Following the completion of the sale, the insider now owns 758,050 shares of the company’s stock, valued at approximately $29,412,340. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jason Park sold 76,128 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $38.80, for a total transaction of $2,953,766.40. Following the sale, the chief financial officer now owns 14,497 shares in the company, valued at approximately $562,483.60. The disclosure for this sale can be found here. Insiders sold 1,471,338 shares of company stock worth $57,087,914 in the last 90 days.

Hedge funds have recently modified their holdings of the business. Bedel Financial Consulting Inc. acquired a new position in shares of Draftkings during the 2nd quarter worth $27,000. Signaturefd LLC bought a new position in Draftkings in the second quarter valued at about $49,000. Kistler Tiffany Companies LLC acquired a new position in Draftkings during the second quarter worth about $52,000. Flagship Harbor Advisors LLC bought a new position in shares of Draftkings in the second quarter worth about $55,000. Finally, Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Draftkings in the 2nd quarter valued at approximately $65,000. 9.25% of the stock is currently owned by hedge funds and other institutional investors.

About Draftkings

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for Draftkings (NASDAQ:DKNG)

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