DraftKings Inc. (NASDAQ:DKNG) Given Average Rating of “Moderate Buy” by Analysts

DraftKings Inc. (NASDAQ:DKNG) has received a consensus rating of “Moderate Buy” from the twenty-seven ratings firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $45.14.

A number of brokerages recently weighed in on DKNG. Piper Sandler boosted their price objective on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Truist Financial reiterated a “buy” rating and issued a $55.00 price target (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. JMP Securities restated a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a research report on Monday. Wells Fargo & Company upped their target price on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. Finally, BMO Capital Markets upped their target price on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 16th.

DraftKings Stock Down 6.8 %

Shares of DraftKings stock opened at $45.35 on Thursday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The business’s 50 day simple moving average is $42.27 and its 200 day simple moving average is $36.21. The firm has a market cap of $39.30 billion, a PE ratio of -25.91 and a beta of 1.87. DraftKings has a 52-week low of $17.42 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business’s revenue was up 43.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.53) earnings per share. On average, analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares in the company, valued at $144,309,698.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction on 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 sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the transaction, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Corporate insiders own 55.92% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. HighPoint Advisor Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth about $288,000. Fairman Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth about $67,000. PNC Financial Services Group Inc. grew its stake in shares of DraftKings by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after purchasing an additional 1,021 shares during the last quarter. Grayhawk Investment Strategies Inc. bought a new stake in shares of DraftKings in the fourth quarter worth about $701,000. Finally, Yeomans Consulting Group Inc. bought a new stake in DraftKings during the 4th quarter valued at approximately $387,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.