Analysts Set DraftKings Inc. (NASDAQ:DKNG) PT at $51.00

DraftKings Inc. (NASDAQ:DKNG) has been assigned an average rating of “Moderate Buy” from the twenty-six ratings firms that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $51.00.

A number of analysts have recently issued reports on DKNG shares. Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. JMP Securities increased their price target on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research note on Monday, November 11th. UBS Group boosted their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Mizuho increased their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd.

Insider Buying and Selling

In other news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 852,183 shares of company stock valued at $33,503,025 in the last ninety days. 48.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DKNG. Fifth Third Bancorp grew its stake in DraftKings by 93.5% in the second quarter. Fifth Third Bancorp now owns 1,790 shares of the company’s stock worth $68,000 after purchasing an additional 865 shares in the last quarter. McAdam LLC grew its position in shares of DraftKings by 10.3% during the 2nd quarter. McAdam LLC now owns 7,469 shares of the company’s stock worth $285,000 after buying an additional 696 shares in the last quarter. Institute for Wealth Management LLC. increased its stake in shares of DraftKings by 51.4% during the second quarter. Institute for Wealth Management LLC. now owns 21,607 shares of the company’s stock valued at $825,000 after buying an additional 7,340 shares during the period. Addison Capital Co raised its holdings in shares of DraftKings by 5.2% in the second quarter. Addison Capital Co now owns 27,533 shares of the company’s stock valued at $1,051,000 after acquiring an additional 1,358 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its stake in DraftKings by 130.2% in the second quarter. Catalyst Capital Advisors LLC now owns 47,200 shares of the company’s stock worth $1,802,000 after acquiring an additional 26,700 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 1.4 %

NASDAQ:DKNG opened at $37.92 on Friday. The firm has a market capitalization of $33.39 billion, a price-to-earnings ratio of -43.09 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average price of $40.29 and a 200-day moving average price of $38.13. DraftKings has a one year low of $28.69 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Sell-side analysts forecast that DraftKings will post -0.79 EPS for the current year.

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.