DraftKings Inc. (NASDAQ:DKNG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of DraftKings Inc. (NASDAQ:DKNGGet Free Report) have received an average rating of “Moderate Buy” from the twenty-eight research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $47.00.

DKNG has been the subject of several analyst reports. Oppenheimer boosted their target price on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Needham & Company LLC boosted their target price on DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. BMO Capital Markets boosted their target price on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Bank Of America (Bofa) boosted their price target on DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Finally, Morgan Stanley boosted their price target on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th.

Check Out Our Latest Analysis on DraftKings

DraftKings Price Performance

Shares of DKNG stock opened at $40.68 on Monday. The stock has a 50-day moving average price of $43.79 and a 200 day moving average price of $38.05. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a market cap of $35.25 billion, a price-to-earnings ratio of -23.25 and a beta of 1.86. DraftKings has a 12 month low of $20.26 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNGGet Free Report) last posted its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. DraftKings’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.53) earnings per share. Research analysts expect that DraftKings will post -0.25 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Paul Liberman sold 510,000 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,396,101 shares of company stock worth $58,121,509. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Several large investors have recently bought and sold shares of the company. Silverlake Wealth Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $344,000. Allspring Global Investments Holdings LLC increased its stake in shares of DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after buying an additional 1,723,819 shares during the period. Miracle Mile Advisors LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $341,000. Winthrop Advisory Group LLC increased its stake in shares of DraftKings by 2.4% in the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares during the period. Finally, First Dallas Securities Inc. increased its stake in shares of DraftKings by 8.6% in the first quarter. First Dallas Securities Inc. now owns 46,800 shares of the company’s stock valued at $2,125,000 after buying an additional 3,725 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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