DraftKings Inc. (NASDAQ:DKNG) Receives $43.93 Consensus Price Target from Analysts

DraftKings Inc. (NASDAQ:DKNG) has been given a consensus rating of “Moderate Buy” by the twenty-seven brokerages that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and twenty-four have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $45.14.

A number of research analysts have weighed in on the stock. Needham & Company LLC upped their price objective on shares of DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday. Mizuho started coverage on shares of DraftKings in a research report on Tuesday. They issued a “buy” rating and a $58.00 price objective for the company. Barclays raised shares of DraftKings from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $41.00 to $50.00 in a research note on Friday, February 23rd. Bank Of America (Bofa) boosted their target price on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Finally, Morgan Stanley boosted their target price on shares of DraftKings from $40.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 28th.

DraftKings Trading Down 6.8 %

NASDAQ DKNG opened at $45.35 on Thursday. The company has a market capitalization of $39.30 billion, a PE ratio of -25.91 and a beta of 1.87. The company has a fifty day moving average of $42.27 and a 200 day moving average of $36.21. DraftKings has a 1 year low of $17.42 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.53) earnings per share. Research analysts forecast that DraftKings will post -0.24 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock worth $65,685,509 in the last ninety days. 55.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the company. Highlander Capital Management LLC raised its holdings in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in shares of DraftKings in the 4th quarter valued at $26,000. O Dell Group LLC purchased a new position in shares of DraftKings in the 4th quarter valued at $28,000. Montag A & Associates Inc. purchased a new position in shares of DraftKings in the 4th quarter valued at $29,000. Finally, BOKF NA purchased a new position in shares of DraftKings in the 2nd quarter valued at $27,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.