DraftKings Inc. (NASDAQ:DKNG) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twenty-six research firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $51.00.

DKNG has been the topic of a number of research reports. Morgan Stanley upped their target price on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. Mizuho increased their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. BNP Paribas upgraded shares of DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 price target on the stock in a report on Tuesday, September 10th. BMO Capital Markets reiterated an "outperform" rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Finally, Benchmark restated a "buy" rating and issued a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th.

DraftKings Trading Up 2.4 %

Shares of NASDAQ:DKNG traded up $0.95 during mid-day trading on Friday, hitting $40.35. The stock had a trading volume of 12,512,183 shares, compared to its average volume of 10,155,929. The company's 50 day moving average is $40.24 and its 200-day moving average is $38.08. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $35.53 billion, a PE ratio of -45.85 and a beta of 1.87.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued 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 business 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%. On average, sell-side analysts predict that DraftKings will post -0.79 EPS for the current year.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 3,151 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company's stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares of the company's stock, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock valued at $39,668,077 in the last 90 days. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently made changes to their positions in the company. Mizuho Securities USA LLC bought a new stake in shares of DraftKings during the 3rd quarter valued at $28,028,000. Janney Montgomery Scott LLC increased its holdings in DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock valued at $124,470,000 after buying an additional 86,336 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after buying an additional 350,215 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after acquiring an additional 29,991 shares during the last quarter. 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.