DraftKings Inc. (NASDAQ:DKNG) Receives $49.24 Average PT from Analysts

DraftKings Inc. (NASDAQ:DKNG) has received an average rating of “Moderate Buy” from the twenty-nine ratings firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and twenty-five have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $49.17.

DKNG has been the topic of a number of research reports. Mizuho assumed coverage on DraftKings in a report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price objective on the stock. Susquehanna cut their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research note on Wednesday, June 5th. Berenberg Bank upgraded shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. Moffett Nathanson upped their price target on shares of DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Finally, Morgan Stanley lifted their price objective on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th.

Insider Buying and Selling

In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,520,340 shares of company stock worth $60,996,583. 48.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in DraftKings by 350.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 448,758 shares of the company’s stock valued at $13,211,000 after purchasing an additional 349,112 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in DraftKings by 655.1% in the third quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock valued at $1,913,000 after acquiring an additional 56,387 shares during the last quarter. Acadian Asset Management LLC purchased a new position in DraftKings in the third quarter worth approximately $45,000. LPL Financial LLC increased its stake in DraftKings by 7.0% during the third quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock worth $13,175,000 after acquiring an additional 29,264 shares during the last quarter. Finally, Mariner LLC raised its position in DraftKings by 25.9% in the third quarter. Mariner LLC now owns 37,692 shares of the company’s stock valued at $1,110,000 after purchasing an additional 7,750 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $37.44 on Friday. The firm has a 50-day simple moving average of $40.45 and a two-hundred day simple moving average of $40.60. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a one year low of $24.97 and a one year high of $49.57. The firm has a market cap of $32.54 billion, a price-to-earnings ratio of -31.73 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.87) earnings per share. On average, equities analysts forecast that DraftKings will post -0.24 EPS for the current fiscal year.

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.