DraftKings Inc. (NASDAQ:DKNG) Receives $34.36 Consensus Target Price from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned an average rating of “Moderate Buy” from the forty-one analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, thirty have issued a buy rating and one has assigned a strong 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 $34.3875.

Several equities research analysts have recently weighed in on DKNG shares. Sanford C. Bernstein increased their price objective on shares of DraftKings from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. Wells Fargo & Company dropped their target price on shares of DraftKings from $32.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Barclays cut their price target on shares of DraftKings from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Northland Securities set a $28.00 price objective on DraftKings in a research report on Monday, August 10th. Finally, Weiss Ratings cut DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a research note on Friday, August 21st.

DraftKings Price Performance

Shares of DKNG opened at $24.74 on Monday. The business has a 50-day moving average of $24.62 and a 200-day moving average of $24.54. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $12.28 billion, a price-to-earnings ratio of -65.11, a price-to-earnings-growth ratio of 1.94 and a beta of 1.63. DraftKings has a 1 year low of $20.46 and a 1 year high of $45.44.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the prior year, the business posted $0.30 earnings per share. The firm’s revenue was down 4.6% on a year-over-year basis. As a group, equities research analysts anticipate that DraftKings will post 0.49 earnings per share for the current year.

Insider Activity

In other news, Director Jocelyn Moore sold 10,759 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the sale, the director owned 1,881 shares of the company’s stock, valued at $45,238.05. This trade represents a 85.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently bought and sold shares of DKNG. Integrated Wealth Concepts LLC grew its stake in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 40,495 shares in the last quarter. Empowered Funds LLC boosted its holdings in DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after acquiring an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC bought a new position in DraftKings in the second quarter worth approximately $603,000. Finally, Daiwa Securities Group Inc. grew its stake in DraftKings by 2.2% in the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after acquiring an additional 968 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

About DraftKings

DraftKings Inc is a digital sports entertainment and gaming company that operates online sports betting, iGaming and daily fantasy sports platforms. Its products enable customers to place bets on professional and collegiate sports, play online casino games where permitted, and participate in fantasy contests across a range of sports.

The company also offers related services, including retail sportsbooks in select jurisdictions and sports media content through DraftKings Network. Its offerings are available in U.S.