DraftKings Inc. (NASDAQ:DKNG) Receives $46.46 Average Target Price from Analysts

DraftKings Inc. (NASDAQ:DKNG) has received an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $46.93.

Several brokerages have recently issued reports on DKNG. Susquehanna increased their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday, March 25th. Bank Of America (Bofa) raised their target price on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Wells Fargo & Company raised their target price on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. Finally, The Goldman Sachs Group began coverage on shares of DraftKings in a research report on Tuesday. They issued a “buy” rating and a $60.00 target price for the company.

DraftKings Trading Down 6.1 %

DKNG opened at $42.21 on Monday. The firm’s fifty day moving average is $43.86 and its two-hundred day moving average is $37.81. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $36.58 billion, a PE ratio of -24.12 and a beta of 1.86. DraftKings has a twelve month low of $19.73 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the company earned ($0.53) EPS. The firm’s revenue was up 43.9% on a year-over-year basis. Equities research analysts anticipate that DraftKings will post -0.25 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the sale, the insider now directly owns 3,815,698 shares in the company, valued at $144,309,698.36. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 510,000 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the sale, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,596,101 shares of company stock valued at $65,685,509. 48.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DKNG. Highlander Capital Management LLC lifted its stake in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after buying an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new position in shares of DraftKings in the fourth quarter valued at $26,000. Parkside Financial Bank & Trust lifted its stake in shares of DraftKings by 233.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after buying an additional 710 shares in the last quarter. O Dell Group LLC bought a new position in shares of DraftKings in the fourth quarter valued at $28,000. Finally, Montag A & Associates Inc. bought a new position in shares of DraftKings in the fourth quarter valued at $29,000. 37.70% of the stock is owned by institutional investors.

About DraftKings

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.