DraftKings Inc. (NASDAQ:DKNG) Given Average Rating of “Moderate Buy” by Analysts

Shares of DraftKings Inc. (NASDAQ:DKNG) have received an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $49.07.

Several research firms have issued reports on DKNG. Stifel Nicolaus raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday. UBS Group boosted their price target on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Wells Fargo & Company upped their price target on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 20th. Bank Of America (Bofa) lifted their price objective on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Finally, Benchmark upped their target price on DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 3rd.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $44.03 on Friday. The business’s 50-day simple moving average is $43.70 and its 200-day simple moving average is $39.17. DraftKings has a 52 week low of $22.65 and a 52 week high of $49.57. 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 $38.16 billion, a price-to-earnings ratio of -37.31 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. DraftKings’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.87) earnings per share. As a group, equities research analysts expect that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 48.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently added to or reduced their stakes in the stock. Highlander Capital Management LLC grew its holdings in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares in the last quarter. LifeSteps Financial Inc. acquired a new position in shares of DraftKings during the 1st quarter worth approximately $33,000. Transcendent Capital Group LLC bought a new stake in shares of DraftKings during the 4th quarter worth approximately $26,000. Concord Wealth Partners boosted its holdings in shares of DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. 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.

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.