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

Shares of DraftKings Inc. (NASDAQ:DKNGGet Rating) have been given an average rating of “Hold” by the twenty-seven research firms that are covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $27.71.

Several research analysts have recently issued reports on DKNG shares. Barclays lifted their price target on DraftKings from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, August 8th. JMP Securities started coverage on DraftKings in a research note on Tuesday, June 28th. They set an “outperform” rating and a $25.00 price target for the company. Morgan Stanley cut their price target on DraftKings from $31.00 to $30.00 and set an “overweight” rating for the company in a research note on Monday, August 8th. Benchmark lifted their price target on DraftKings to $30.00 in a research note on Monday, August 15th. Finally, Citigroup cut their target price on shares of DraftKings from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, July 7th.

DraftKings Trading Down 6.8 %

NASDAQ:DKNG opened at $15.58 on Friday. The company has a market capitalization of $13.11 billion, a PE ratio of -4.11 and a beta of 1.92. The company has a quick ratio of 2.96, a current ratio of 2.96 and a debt-to-equity ratio of 0.74. DraftKings has a 52-week low of $9.77 and a 52-week high of $53.85. The stock has a fifty day simple moving average of $16.65 and a 200-day simple moving average of $15.43.

Institutional Trading of DraftKings

A number of institutional investors have recently modified their holdings of DKNG. Dimensional Fund Advisors LP grew its holdings in shares of DraftKings by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 48,194 shares of the company’s stock worth $1,324,000 after purchasing an additional 2,117 shares during the period. Panagora Asset Management Inc. lifted its position in DraftKings by 91.9% during the 4th quarter. Panagora Asset Management Inc. now owns 20,127 shares of the company’s stock worth $553,000 after acquiring an additional 9,640 shares in the last quarter. Rhumbline Advisers lifted its position in DraftKings by 3.3% during the 4th quarter. Rhumbline Advisers now owns 306,681 shares of the company’s stock worth $8,425,000 after acquiring an additional 9,851 shares in the last quarter. abrdn plc lifted its position in DraftKings by 4.3% during the 4th quarter. abrdn plc now owns 29,017 shares of the company’s stock worth $797,000 after acquiring an additional 1,191 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in DraftKings by 854.7% during the 4th quarter. Bank of Montreal Can now owns 2,226,852 shares of the company’s stock worth $63,376,000 after acquiring an additional 1,993,589 shares in the last quarter. Hedge funds and other institutional investors own 29.18% of the company’s stock.

About DraftKings

(Get Rating)

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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