DraftKings Inc. (NASDAQ:DKNG) Receives $34.11 Consensus Price Target from Brokerages

DraftKings Inc. (NASDAQ:DKNG) has been given an average recommendation of “Moderate Buy” by the forty ratings firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, twenty-nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $34.1097.

A number of equities analysts have commented on the stock. TD Cowen boosted their target price on shares of DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of DraftKings in a report on Monday, May 11th. Freedom Capital raised shares of DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. Mizuho boosted their price objective on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Finally, Citizens Jmp boosted their price objective on shares of DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a research note on Thursday, June 25th.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,596 shares of company stock worth $2,756,991 over the last ninety days. Corporate insiders own 47.18% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DKNG. Buckland Partners Management Co LLC purchased a new stake in DraftKings in the second quarter valued at about $1,516,000. Bank of New York Mellon Corp acquired a new stake in DraftKings in the second quarter worth about $24,014,000. LifeGoal Investments LLC purchased a new stake in shares of DraftKings during the second quarter worth about $218,000. CoreCap Advisors LLC grew its stake in shares of DraftKings by 336.5% during the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after acquiring an additional 885 shares during the last quarter. Finally, Stableford Capital II LLC purchased a new stake in shares of DraftKings during the second quarter worth about $835,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 2.8%

Shares of NASDAQ DKNG opened at $26.14 on Thursday. DraftKings has a 1-year low of $20.46 and a 1-year high of $48.78. The business has a fifty day moving average price of $25.36 and a 200 day moving average price of $24.75. The stock has a market capitalization of $12.98 billion, a P/E ratio of -68.79 and a beta of 1.66. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.