DraftKings Inc. (NASDAQ:DKNG) Receives $37.19 Average Target Price from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given an average recommendation of “Moderate Buy” by the thirty-two brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-five have given 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 $37.0857.

Several brokerages have recently issued reports on DKNG. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 target price on shares of DraftKings in a report on Tuesday, March 3rd. Barclays reissued an “overweight” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Morgan Stanley cut their price target on DraftKings from $53.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, February 24th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $30.00 price objective on shares of DraftKings in a report on Thursday, March 5th. Finally, Texas Capital upgraded DraftKings to a “hold” rating in a research report on Thursday, January 8th.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares in the company, valued at $5,374,100.52. The trade was a 69.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Erik Bradbury sold 2,883 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the sale, the chief accounting officer owned 38,168 shares in the company, valued at $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 549,495 shares of company stock valued at $14,166,700 over the last quarter. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Several large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC boosted its stake in DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after acquiring an additional 40,495 shares during the period. Empowered Funds LLC lifted its holdings in shares of DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after acquiring an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of DraftKings in the 2nd quarter worth about $603,000. Finally, Allworth Financial LP boosted its stake in shares of DraftKings by 132.9% during the 2nd quarter. Allworth Financial LP now owns 8,881 shares of the company’s stock worth $381,000 after purchasing an additional 5,067 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $23.67 on Monday. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $11.67 billion, a P/E ratio of -591.75, a P/E/G ratio of 1.00 and a beta of 1.67. The firm’s fifty day moving average is $26.82 and its two-hundred day moving average is $32.55. DraftKings has a 52-week low of $21.01 and a 52-week high of $48.78.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.