DraftKings Inc. (NASDAQ:DKNG) Receives $47.10 Consensus PT from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have received an average recommendation of “Moderate Buy” from the thirty-one ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $46.8621.

Several equities analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price objective on DraftKings in a research report on Monday, October 6th. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and cut their target price for the company from $48.00 to $35.00 in a research report on Tuesday, November 4th. BTIG Research raised their target price on DraftKings from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. Finally, Canaccord Genuity Group lowered their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Friday, November 7th.

DraftKings Trading Down 0.6%

NASDAQ DKNG opened at $29.94 on Friday. The firm has a market capitalization of $14.90 billion, a PE ratio of -52.53, a price-to-earnings-growth ratio of 0.63 and a beta of 1.63. The business’s 50-day moving average price is $33.64 and its two-hundred day moving average price is $37.62. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. DraftKings has a 12 month low of $26.23 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.60) earnings per share. On average, analysts expect that DraftKings will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In related news, Director Harry Sloan bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average cost of $30.30 per share, with a total value of $757,500.00. Following the completion of the purchase, the director directly owned 249,712 shares in the company, valued at $7,566,273.60. The trade was a 11.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider owned 500,000 shares in the company, valued at $16,005,000. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 166,752 shares of company stock worth $5,252,044 over the last quarter. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the period. Viking Global Investors LP bought a new stake in DraftKings during the 3rd quarter valued at $561,125,000. AQR Capital Management LLC raised its holdings in DraftKings by 63.5% during the third quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock worth $437,044,000 after buying an additional 4,538,007 shares during the last quarter. Geode Capital Management LLC raised its holdings in DraftKings by 5.4% during the second quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock worth $385,552,000 after buying an additional 458,452 shares during the last quarter. Finally, Norges Bank bought a new position in shares of DraftKings in the second quarter valued at $362,554,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.