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

by · The Cerbat Gem

Shares of DraftKings Inc. (NASDAQ:DKNG – Get Free Report) have been assigned an average rating of “Moderate Buy” from the twenty-seven ratings firms that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $49.89.

A number of analysts have issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Susquehanna raised their target price on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Monday, September 23rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a report on Wednesday, September 11th. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Monday, October 7th.

Check Out Our Latest Stock Report on DraftKings

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $38.44 on Monday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $33.41 billion, a price-to-earnings ratio of -32.58 and a beta of 1.81. The business’s 50-day simple moving average is $36.08 and its 200-day simple moving average is $38.85. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) EPS. As a group, equities research analysts expect that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,132,095 shares of company stock worth $42,890,328. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Marshall Wace LLP grew its stake in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares during the period. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after purchasing an additional 1,493,995 shares in the last quarter. Finally, Blue Whale Capital LLP bought a new stake in shares of DraftKings in the second quarter valued at about $39,306,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Company Profile

(Get Free Report

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.

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