DraftKings Inc. (NASDAQ:DKNG) Receives $54.44 Average Price Target from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and twenty-five have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $54.44.

DKNG has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Macquarie upped their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Barclays boosted their price objective on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Finally, BTIG Research set a $59.00 target price on DraftKings in a research report on Monday, February 3rd.

DraftKings Stock Down 5.5 %

DKNG stock opened at $37.24 on Thursday. The firm has a fifty day moving average price of $42.06 and a two-hundred day moving average price of $40.08. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of -35.13, a PEG ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Research analysts predict that DraftKings will post 0.64 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock valued at $108,506,588 in the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors and hedge funds have recently modified their holdings of DKNG. Vanguard Group Inc. boosted its position in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of DraftKings by 4.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after buying an additional 707,504 shares during the last quarter. FMR LLC boosted its holdings in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after buying an additional 7,150,382 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC grew its stake in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after buying an additional 89,988 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.