DraftKings Inc. (NASDAQ:DKNG) Receives Average Rating 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-seven brokerages that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and twenty-four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $54.42.

DKNG has been the topic of several research analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Wells Fargo & Company lifted their price objective on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Susquehanna reduced their price objective on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research note on Wednesday, January 8th. Finally, Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th.

Insider Activity at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last 90 days. 51.19% of the stock is owned by insiders.

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Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently made changes to their positions in DKNG. MassMutual Private Wealth & Trust FSB raised its position in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after purchasing an additional 317 shares during the period. 111 Capital bought a new position in shares of DraftKings during the fourth quarter valued at about $438,000. Thoma Capital Management LLC purchased a new position in shares of DraftKings in the fourth quarter worth about $902,000. Siemens Fonds Invest GmbH bought a new stake in shares of DraftKings in the 4th quarter valued at about $665,000. Finally, Total Wealth Planning & Management Inc. purchased a new stake in DraftKings during the 4th quarter valued at about $243,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 5.9 %

NASDAQ:DKNG traded down $2.03 during trading hours on Monday, hitting $32.40. 15,726,652 shares of the company traded hands, compared to its average volume of 9,658,295. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a market cap of $16.20 billion, a PE ratio of -30.57, a PEG ratio of 1.43 and a beta of 2.07. The firm's 50-day simple moving average is $41.41 and its 200-day simple moving average is $40.20. DraftKings has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts predict that DraftKings will post 0.64 earnings per share 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.