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

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty-nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $49.24.

A number of research firms recently issued reports on DKNG. Susquehanna lowered their price objective on shares of DraftKings from $56.00 to $49.00 and set a "positive" rating for the company in a research report on Wednesday, June 5th. Barclays increased their price target on DraftKings from $52.00 to $54.00 and gave the company an "overweight" rating in a research note on Monday, May 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on DraftKings from $34.00 to $35.00 and gave the stock a "hold" rating in a research report on Monday, May 6th. Guggenheim dropped their target price on DraftKings from $53.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Jefferies Financial Group lifted their price target on DraftKings from $52.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, May 6th.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 1,450 shares of the business's stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the transaction, the director now owns 6,814 shares in the company, valued at $244,758.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,520,340 shares of company stock valued at $60,996,583. Corporate insiders own 51.19% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its holdings in shares of DraftKings by 350.4% during the third quarter. Envestnet Asset Management Inc. now owns 448,758 shares of the company's stock valued at $13,211,000 after buying an additional 349,112 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of DraftKings by 655.1% in the third quarter. Hsbc Holdings PLC now owns 64,994 shares of the company's stock worth $1,913,000 after purchasing an additional 56,387 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of DraftKings during the third quarter valued at $45,000. LPL Financial LLC boosted its position in shares of DraftKings by 7.0% during the third quarter. LPL Financial LLC now owns 447,511 shares of the company's stock valued at $13,175,000 after buying an additional 29,264 shares during the last quarter. Finally, Mariner LLC increased its holdings in DraftKings by 25.9% in the 3rd quarter. Mariner LLC now owns 37,692 shares of the company's stock worth $1,110,000 after buying an additional 7,750 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

NASDAQ:DKNG traded up $1.06 during mid-day trading on Friday, reaching $38.17. The stock had a trading volume of 13,803,609 shares, compared to its average volume of 10,248,119. The stock has a 50-day simple moving average of $40.67 and a two-hundred day simple moving average of $40.56. The stock has a market capitalization of $33.18 billion, a PE ratio of -32.35 and a beta of 1.81. DraftKings has a 12 month low of $24.97 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business's quarterly revenue was up 52.7% compared to the same quarter last year. During the same period last year, the business earned ($0.87) earnings per share. On average, equities analysts anticipate that DraftKings will post -0.24 earnings per share for the current 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.