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

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given a consensus rating of “Moderate Buy” by the twenty-six brokerages that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and twenty-three have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $51.08.

DKNG has been the topic of several recent research reports. Morgan Stanley lifted their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Barclays upped their price target on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th.

DraftKings Stock Down 1.0 %

Shares of NASDAQ:DKNG opened at $39.29 on Wednesday. The company has a market capitalization of $34.60 billion, a P/E ratio of -44.65, a P/E/G ratio of 2.99 and a beta of 1.90. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock’s fifty day simple moving average is $40.65 and its 200-day simple moving average is $37.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, equities research analysts forecast that DraftKings will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,052,183 shares of company stock valued at $41,303,025 in the last three months. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Delos Wealth Advisors LLC acquired a new position in DraftKings in the third quarter valued at approximately $43,000. V Square Quantitative Management LLC acquired a new stake in shares of DraftKings in the third quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV lifted its position in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. Eastern Bank acquired a new position in DraftKings during the third quarter worth $59,000. Finally, Quarry LP acquired a new stake in shares of DraftKings in the second quarter valued at approximately $87,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Company Profile

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.