Analysts Set DraftKings Inc. (NASDAQ:DKNG) Price Target at $51.08

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty-six research firms that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $51.08.

A number of analysts have recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. TD Cowen increased their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. Macquarie lifted their price objective on DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, November 11th. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a report on Wednesday, January 8th. Finally, Barclays raised their price target on DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, November 11th.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The stock was 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 directly 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 51.19% of the stock is owned by insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently modified their holdings of DKNG. Principal Financial Group Inc. lifted its holdings in DraftKings by 14.6% in the third 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 period. Mizuho Securities USA LLC bought a new position in shares of DraftKings in the 3rd quarter worth approximately $28,028,000. Janney Montgomery Scott LLC boosted its holdings in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock worth $14,826,000 after buying an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in DraftKings by 2.8% during 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. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after purchasing an additional 350,215 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Down 3.2 %

DKNG stock traded down $1.28 during midday trading on Wednesday, hitting $38.72. The company had a trading volume of 15,561,907 shares, compared to its average volume of 9,317,650. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The stock has a market cap of $34.10 billion, a price-to-earnings ratio of -44.00 and a beta of 1.90. The stock's 50 day moving average price is $40.64 and its 200 day moving average price is $37.93.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, equities research analysts expect that DraftKings will post -0.79 earnings per share 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.