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

Shares of DraftKings Inc. (NASDAQ:DKNG - Get Free Report) have been assigned an average rating of "Moderate Buy" from the twenty-eight brokerages that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and twenty-five have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $54.44.

DKNG has been the subject of several analyst reports. Needham & Company LLC set a $65.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Piper Sandler reiterated an "overweight" rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Barclays lifted their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Cowen reiterated a "buy" rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, February 14th.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business's 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 directly owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the transaction, the insider now owns 4,140,509 shares in the company, valued at approximately $168,146,070.49. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,783,488 shares of company stock worth $118,128,867 over the last ninety days. Corporate insiders own 51.19% of the company's stock.

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Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Norges Bank acquired a new position in shares of DraftKings during the fourth quarter worth approximately $276,328,000. FMR LLC lifted its position in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the fourth quarter worth approximately $246,765,000. Finally, Eminence Capital LP acquired a new position in shares of DraftKings during the fourth quarter worth approximately $65,255,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Down 1.7 %

Shares of NASDAQ:DKNG traded down $0.69 during trading on Thursday, reaching $39.41. 20,415,107 shares of the company traded hands, compared to its average volume of 9,584,424. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a fifty day simple moving average of $42.06 and a 200 day simple moving average of $40.04. The firm has a market cap of $19.31 billion, a P/E ratio of -37.18, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

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