Analysts Set DraftKings Inc. (NASDAQ:DKNG) PT at $51.00

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given a consensus rating of “Moderate Buy” by the twenty-six analysts that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $51.00.

Several research firms have commented on DKNG. TD Cowen upped their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. UBS Group raised their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. Finally, Mizuho increased their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th.

DraftKings Stock Up 0.6 %

Shares of DraftKings stock opened at $38.57 on Friday. The stock has a market capitalization of $33.97 billion, a price-to-earnings ratio of -43.83 and a beta of 1.87. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57. 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 business’s 50 day simple moving average is $40.28 and its 200-day simple moving average is $38.12.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities research analysts forecast that DraftKings will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 320,088 shares of company stock worth $13,123,786 over the last ninety days. 48.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alta Advisers Ltd acquired a new stake in DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings during the 2nd quarter valued at about $39,000. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings during the 3rd quarter valued at about $43,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV increased its holdings in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.