DraftKings Inc. (NASDAQ:DKNG) Receives Consensus Rating of "Moderate Buy" from Analysts

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) has been given an average rating of "Moderate Buy" by the twenty-seven analysts that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $50.85.

A number of equities research analysts have commented on the company. Susquehanna raised their price target on DraftKings from $48.00 to $50.00 and gave the company a "positive" rating in a report on Monday, October 7th. Stifel Nicolaus reiterated a "buy" rating and set a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. The Goldman Sachs Group cut their target price on shares of DraftKings from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Monday, August 5th. Truist Financial reissued a "buy" rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Finally, Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, November 11th.

Insider Buying and Selling

In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 735,246 shares of company stock valued at $29,902,158 in the last 90 days. Company insiders own 48.94% of the company's stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently modified their holdings of the business. Marshall Wace LLP boosted its position in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock valued at $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Geode Capital Management LLC grew its stake in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after purchasing an additional 284,131 shares during the last quarter. FMR LLC grew its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company's stock worth $220,518,000 after purchasing an additional 441,975 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock valued at $182,039,000 after buying an additional 1,476,003 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.06 during mid-day trading on Tuesday, reaching $42.94. 3,594,103 shares of the company traded hands, compared to its average volume of 10,301,359. The company's 50 day moving average price is $39.02 and its 200-day moving average price is $37.89. The firm has a market cap of $37.81 billion, a PE ratio of -48.86 and a beta of 1.82. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities analysts expect that DraftKings will post -0.79 EPS for the current fiscal year.

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.