DraftKings Inc. (NASDAQ:DKNG) Receives $54.42 Average Price Target from Analysts

DraftKings Inc. (NASDAQ:DKNG) has been assigned an average rating of “Moderate Buy” from the twenty-seven brokerages that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $54.42.

Several research firms have recently commented on DKNG. TD Cowen dropped their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Susquehanna cut their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. lifted their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Stifel Nicolaus lifted their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th.

DraftKings Stock Performance

Shares of DKNG stock opened at $31.67 on Monday. The business has a fifty day moving average of $41.21 and a 200 day moving average of $40.17. DraftKings has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a market capitalization of $15.83 billion, a price-to-earnings ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, research analysts expect that DraftKings will post 0.64 earnings per share for the current year.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the transaction, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. The trade was a 7.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock worth $117,241,446 over the last three months. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several large investors have recently added to or reduced their stakes in DKNG. Raiffeisen Bank International AG acquired a new position in shares of DraftKings during the 4th quarter valued at about $25,000. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the fourth quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC acquired a new position in DraftKings in the 4th quarter valued at about $30,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.