DraftKings Inc. (NASDAQ:DKNG) Receives $49.78 Consensus Target Price from Analysts

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given an average recommendation of “Moderate Buy” by the twenty-seven ratings firms that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $49.78.

Several equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Monday. Benchmark upped their price objective on shares of DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a report on Tuesday, September 10th. Oppenheimer decreased their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, Macquarie restated an “outperform” rating and issued a $50.00 price objective on shares of DraftKings in a report on Monday, August 26th.

DraftKings Stock Up 1.2 %

DKNG stock opened at $38.24 on Thursday. The stock has a market capitalization of $33.24 billion, a P/E ratio of -32.41 and a beta of 1.80. The firm has a 50-day simple moving average of $35.28 and a 200-day simple moving average of $39.54. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. DraftKings’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.17) EPS. Equities analysts forecast that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,220,537 shares of company stock worth $44,784,070. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in DKNG. Transcendent Capital Group LLC purchased a new position in shares of DraftKings during the fourth quarter worth about $26,000. LRI Investments LLC acquired a new stake in DraftKings in the first quarter valued at about $31,000. LifeSteps Financial Inc. acquired a new stake in DraftKings in the first quarter valued at about $33,000. Concord Wealth Partners lifted its position in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the period. Finally, Alta Advisers Ltd acquired a new stake in DraftKings in the second quarter valued at about $38,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.