Analysts Set DraftKings Inc. (NASDAQ:DKNG) PT at $51.08

DraftKings Inc. (NASDAQ:DKNG) has earned a consensus rating of “Moderate Buy” from the twenty-six research firms that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $51.08.

A number of research analysts have weighed in on DKNG shares. JPMorgan Chase & Co. upped their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. 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. Mizuho lifted their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, TD Cowen boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

DraftKings Price Performance

Shares of DKNG stock opened at $41.51 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The firm has a market cap of $36.56 billion, a P/E ratio of -47.17, a P/E/G ratio of 2.94 and a beta of 1.90. The business’s 50 day moving average price is $40.57 and its 200-day moving average price is $37.99.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities research analysts anticipate that DraftKings will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 48.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings in the third quarter worth $43,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings in the third quarter worth about $46,000. Creative Financial Designs Inc. ADV lifted its position in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. Toth Financial Advisory Corp bought a new position in DraftKings during the fourth quarter valued at approximately $58,000. Finally, Eastern Bank purchased a new position in DraftKings during the 3rd quarter valued at approximately $59,000. 37.70% of the stock is currently owned by institutional investors.

About DraftKings

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.