DraftKings (NASDAQ:DKNG) Earns Outperform Rating from Analysts at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of DraftKings (NASDAQ:DKNGFree Report) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $46.00 target price on the stock.

Several other equities analysts also recently commented on the stock. TD Securities lowered their target price on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Barclays lowered their target price on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, May 12th. Canaccord Genuity Group boosted their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of DraftKings in a research note on Friday, May 9th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $65.00 price target on shares of DraftKings in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.66.

Get Our Latest Stock Analysis on DraftKings

DraftKings Price Performance

DKNG stock opened at $34.84 on Wednesday. DraftKings has a one year low of $28.69 and a one year high of $53.61. The company’s fifty day moving average price is $34.51 and its 200-day moving average price is $38.97. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company has a market capitalization of $30.98 billion, a PE ratio of -32.87, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the transaction, the insider now owns 653,843 shares of the company’s stock, valued at $25,499,877. This trade represents a 7.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the transaction, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,127,504 shares of company stock worth $42,687,810 over the last quarter. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vestmark Advisory Solutions Inc. grew its holdings in DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after acquiring an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC bought a new position in DraftKings during the 4th quarter worth about $874,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after acquiring an additional 6,059 shares in the last quarter. Scholtz & Company LLC bought a new position in DraftKings during the 4th quarter worth about $1,806,000. Finally, Whale Rock Capital Management LLC grew its holdings in DraftKings by 9.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company’s stock worth $184,954,000 after acquiring an additional 416,881 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

About DraftKings

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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.

Further Reading

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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