DraftKings Inc. (NASDAQ:DKNG) Receives $46.46 Consensus Target Price from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-eight research firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and twenty-five have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $47.00.

DKNG has been the topic of several analyst reports. BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research report on Friday, January 19th. Moffett Nathanson upped their target price on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Truist Financial restated a “buy” rating and issued a $55.00 price target (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Piper Sandler increased their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Finally, Oppenheimer raised their target price on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th.

DraftKings Stock Down 2.3 %

Shares of DraftKings stock opened at $40.68 on Monday. The firm has a market cap of $35.25 billion, a PE ratio of -23.25 and a beta of 1.86. The business’s 50 day simple moving average is $43.79 and its 200 day simple moving average is $37.92. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 52-week low of $20.26 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business earned ($0.53) earnings per share. DraftKings’s revenue was up 43.9% compared to the same quarter last year. On average, analysts predict that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the transaction, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock worth $65,685,509 in the last ninety days. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Several large investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in DraftKings in the fourth quarter valued at approximately $7,975,000. Deutsche Bank AG raised its holdings in shares of DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after buying an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of DraftKings during the 3rd quarter worth $209,000. Schonfeld Strategic Advisors LLC boosted its stake in DraftKings by 27.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 shares in the last quarter. Finally, Arizona State Retirement System grew its position in DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.