DraftKings Inc. (NASDAQ:DKNG) Receives $34.36 Consensus Price Target from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have received an average rating of “Moderate Buy” from the forty-one research firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $34.3875.

A number of brokerages have weighed in on DKNG. Barclays cut their price objective on shares of DraftKings from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. JPMorgan Chase & Co. dropped their price target on DraftKings from $34.00 to $33.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Benchmark raised their price objective on DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Susquehanna dropped their target price on DraftKings from $32.00 to $31.00 and set a “positive” rating on the stock in a report on Wednesday, July 1st. Finally, Moffett Nathanson reduced their price target on DraftKings from $27.00 to $25.00 in a report on Wednesday, July 15th.

DraftKings Price Performance

DKNG opened at $23.66 on Monday. The stock has a 50-day moving average price of $24.68 and a 200-day moving average price of $24.53. DraftKings has a 12-month low of $20.46 and a 12-month high of $46.32. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22. The stock has a market capitalization of $11.75 billion, a P/E ratio of -62.26, a PEG ratio of 1.95 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.51 billion. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The business’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. Equities analysts predict that DraftKings will post 0.49 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 10,759 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total value of $258,753.95. Following the transaction, the director directly owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. This represents a 85.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 47.18% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently modified their holdings of DKNG. Viking Global Investors LP bought a new stake in shares of DraftKings in the third quarter worth $561,125,000. California State Teachers Retirement System lifted its position in shares of DraftKings by 1,727.3% in the second quarter. California State Teachers Retirement System now owns 12,924,304 shares of the company’s stock valued at $326,468,000 after acquiring an additional 12,217,029 shares in the last quarter. Capital World Investors lifted its holdings in shares of DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after buying an additional 12,008,357 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 50.8% in the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares during the last quarter. Finally, Norges Bank purchased a new position in DraftKings during the 4th quarter valued at approximately $284,466,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Higher analyst price target: Citizens JMP raised its DraftKings price target from $36 to $37 and reiterated a “market outperform” rating, implying substantial upside from recent trading levels. DraftKings price target raised by Citizens JMP
• Positive Sentiment: Wall Street remains bullish: Recent analyst coverage highlighted favorable recommendations for DraftKings, which can support investor confidence and buying interest. Wall Street bullish views on DraftKings
• Positive Sentiment: Expanded integrity partnership: DraftKings extended its agreement with Integrity Compliance 360 to cover both its Sportsbook and Predictions platforms. The monitoring and anti-harassment tools may strengthen regulatory compliance, customer trust, and the company’s ability to expand prediction-market offerings. DraftKings extends IC360 agreement
• Neutral Sentiment: Limited sector-specific news: Several recent articles broadly discussed casino stocks to watch but did not provide a material new catalyst specific to DraftKings. Casino stocks to keep an eye on
• Neutral Sentiment: An Anthropic researcher’s warning about self-improving artificial intelligence has no clear direct financial or operating impact on DraftKings. Anthropic researcher warns about self-improving AI

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.