DraftKings Inc. (NASDAQ:DKNG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG) have received an average recommendation of “Moderate Buy” from the forty ratings firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $34.3677.

DKNG has been the topic of several analyst reports. Stephens started coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “overweight” rating on the stock. Citizens Jmp increased their price target on shares of DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a report on Thursday, June 25th. Zacks Research upgraded shares of DraftKings from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Jefferies Financial Group reaffirmed a “buy” rating on shares of DraftKings in a report on Wednesday, June 10th. Finally, UBS Group boosted their target price on DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th.

DraftKings Stock Up 0.9%

DKNG opened at $23.01 on Friday. DraftKings has a 52 week low of $20.46 and a 52 week high of $48.78. The business has a 50 day moving average price of $25.66 and a two-hundred day moving average price of $25.75. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market cap of $11.42 billion, a PE ratio of 383.50 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business’s quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. As a group, research analysts anticipate that DraftKings will post 0.54 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. 47.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds have recently bought and sold shares of DKNG. Dagco Inc. acquired a new stake in DraftKings during the fourth quarter worth approximately $26,000. Ascentis Independent Advisors acquired a new position in DraftKings in the 1st quarter valued at $27,000. Basecamp Wealth Advisors LLC lifted its stake in shares of DraftKings by 3,547.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock worth $27,000 after purchasing an additional 1,206 shares during the period. CoreCap Advisors LLC lifted its stake in shares of DraftKings by 336.5% during the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares during the period. Finally, Montag A & Associates Inc. lifted its stake in shares of DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.