Draftkings Inc (NASDAQ:DKNG) Receives Average Recommendation of “Buy” from Brokerages

Draftkings Inc (NASDAQ:DKNG) has been given an average recommendation of “Buy” by the nineteen analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $48.13.

Several research analysts recently commented on the stock. Bank of America assumed coverage on shares of Draftkings in a research note on Tuesday, September 8th. They set a “neutral” rating and a $40.00 price objective for the company. Evercore ISI assumed coverage on shares of Draftkings in a research note on Wednesday, September 9th. They set an “outperform” rating and a $60.00 price objective for the company. Stephens assumed coverage on shares of Draftkings in a research note on Tuesday, June 30th. They set an “overweight” rating and a $52.00 price target on the stock. BofA Securities assumed coverage on shares of Draftkings in a research note on Tuesday, September 8th. They set a “neutral” rating and a $40.00 price target on the stock. Finally, Cannonball Research began coverage on shares of Draftkings in a research note on Tuesday, May 26th. They set a “buy” rating and a $35.00 price target on the stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Schonfeld Strategic Advisors LLC acquired a new stake in Draftkings during the second quarter worth about $4,298,000. Two Sigma Securities LLC purchased a new position in shares of Draftkings in the second quarter valued at approximately $340,000. PNC Financial Services Group Inc. purchased a new position in shares of Draftkings in the second quarter valued at approximately $658,000. Neuberger Berman Group LLC purchased a new position in shares of Draftkings in the second quarter valued at approximately $34,365,000. Finally, AdvisorNet Financial Inc purchased a new position in Draftkings in the second quarter worth approximately $128,000. Hedge funds and other institutional investors own 51.47% of the company’s stock.

Shares of DKNG traded down $3.82 during mid-day trading on Wednesday, hitting $50.12. The company’s stock had a trading volume of 14,822,021 shares, compared to its average volume of 9,683,352. The company has a 50-day moving average price of $39.19. Draftkings has a 52-week low of $9.85 and a 52-week high of $55.70.

Draftkings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.40). On average, equities analysts expect that Draftkings will post -1.24 earnings per share for the current fiscal year.

About Draftkings

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for Draftkings (NASDAQ:DKNG)

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