DraftKings Inc. (DKNG) – What Are Analysts Thinking About This Stock?

Shares of DraftKings Inc. (NASDAQ:DKNG) have earned an average recommendation of “Moderate Buy” from the forty analysts that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $33.01.

Several analysts recently commented on DKNG shares. UBS Group cut their price objective on DraftKings from $49.00 to $48.00 and set a “buy” rating for the company in a report on Friday, September 18th. Wolfe Research initiated coverage on DraftKings in a report on Wednesday, September 2nd. They set an “outperform” rating and a $40.00 price target for the company. Moffett Nathanson reaffirmed a “neutral” rating and issued a $22.00 price objective on shares of DraftKings in a research note on Thursday, October 22nd. JPMorgan Chase & Co. lowered their price objective on shares of DraftKings from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Tuesday, October 20th. Finally, TD Cowen increased their price target on shares of DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a report on Friday, July 10th.

DraftKings Trading Up 0.9%

Shares of NASDAQ DKNG opened at $20.91 on Tuesday. DraftKings has a 1 year low of $18.35 and a 1 year high of $36.98. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a 50-day moving average of $21.87 and a 200 day moving average of $24.36. The stock has a market cap of $10.38 billion, a P/E ratio of -55.03, a price-to-earnings-growth ratio of 2.36 and a beta of 1.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, August 7th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, sell-side analysts expect that DraftKings will post 0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 10,759 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the sale, the director owned 1,881 shares of the company’s stock, valued at $45,238.05. This trade represents a 85.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently made changes to their positions in the company. Ascentis Independent Advisors purchased a new position in shares of DraftKings in the 1st quarter valued at about $27,000. Basecamp Wealth Advisors LLC boosted its holdings in DraftKings by 3,547.1% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after purchasing an additional 1,206 shares during the last quarter. CoreCap Advisors LLC increased its holdings in shares of DraftKings by 336.5% during the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after buying an additional 885 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $48,000. Finally, Root Financial Partners LLC grew its stake in shares of DraftKings by 208.0% in the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after buying an additional 1,874 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Company Profile

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.