Analysts Set DraftKings Inc. (NASDAQ:DKNG) Price Target at $47.10

DraftKings Inc. (NASDAQ:DKNG) has received an average rating of “Moderate Buy” from the thirty-one analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $46.9655.

Several research firms recently weighed in on DKNG. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a report on Monday, January 12th. JMP Securities dropped their price target on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. Zacks Research upgraded shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Friday, January 9th. Northland Securities upgraded shares of DraftKings from an “under perform” rating to a “market perform” rating in a research note on Monday, November 10th. Finally, Barclays cut their target price on DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, November 10th.

DraftKings Price Performance

NASDAQ DKNG opened at $30.11 on Friday. The company has a 50-day moving average price of $33.60 and a two-hundred day moving average price of $37.73. DraftKings has a 52 week low of $26.23 and a 52 week high of $53.61. The stock has a market cap of $14.99 billion, a price-to-earnings ratio of -52.82, a price-to-earnings-growth ratio of 0.62 and a beta of 1.63. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm posted ($0.60) earnings per share. The business’s quarterly revenue was up 4.4% on a year-over-year basis. Analysts forecast that DraftKings will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In other DraftKings news, Director Gregory Westin Wendt purchased 10,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was bought at an average cost of $30.27 per share, with a total value of $302,700.00. Following the acquisition, the director owned 10,000 shares of the company’s stock, valued at $302,700. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at $16,005,000. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 166,752 shares of company stock valued at $5,252,044 in the last three months. 47.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Integrated Wealth Concepts LLC raised its holdings in DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after buying an additional 40,495 shares during the period. Empowered Funds LLC grew its holdings in shares of DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after buying an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in DraftKings during the second quarter valued at $603,000. Finally, Farther Finance Advisors LLC lifted its stake in DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.