DraftKings’ (DKNG) Buy Rating Reiterated at BTIG Research

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a research note issued on Monday,Benzinga reports. They presently have a $35.00 price target on the stock. BTIG Research’s target price would suggest a potential upside of 47.87% from the company’s current price.

Several other analysts also recently issued reports on the stock. Citigroup reaffirmed a “market outperform” rating on shares of DraftKings in a research report on Tuesday, February 24th. Jefferies Financial Group set a $46.00 target price on shares of DraftKings in a research report on Tuesday, March 3rd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of DraftKings in a report on Tuesday, March 3rd. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, January 21st. Twenty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $37.09.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $23.67 on Monday. The company has a market cap of $11.67 billion, a P/E ratio of -591.75, a PEG ratio of 0.95 and a beta of 1.67. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. DraftKings has a one year low of $21.01 and a one year high of $48.78. The business’s 50-day simple moving average is $26.82 and its 200 day simple moving average is $32.33.

Insider Buying and Selling at DraftKings

In related news, Director Jocelyn Moore sold 2,150 shares of DraftKings stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director owned 1,406 shares in the company, valued at approximately $35,993.60. The trade was a 60.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares in the company, valued at $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 549,495 shares of company stock valued at $14,166,700. Corporate insiders own 47.08% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its holdings in DraftKings by 458.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 104,360 shares of the company’s stock valued at $3,596,000 after buying an additional 85,665 shares during the last quarter. World Investment Advisors bought a new position in DraftKings during the 4th quarter worth approximately $213,000. SHP Wealth Management acquired a new position in shares of DraftKings in the 4th quarter worth approximately $42,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of DraftKings in the 4th quarter worth approximately $69,000. Finally, MidFirst Bank bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $325,000. Institutional investors own 37.70% of the company’s stock.

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.