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

Shares of DraftKings Inc. (NASDAQ:DKNG) have received an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $54.41.

A number of analysts have recently weighed in on DKNG shares. Canaccord Genuity Group upped their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. upped their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Morgan Stanley lowered their target price on shares of DraftKings from $53.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Finally, TD Securities reduced their price objective on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th.

DraftKings Stock Down 3.9%

Shares of NASDAQ DKNG opened at $36.50 on Friday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market capitalization of $32.46 billion, a PE ratio of -34.43, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63. The firm has a fifty day simple moving average of $35.03 and a two-hundred day simple moving average of $38.65.

Insider Buying and Selling

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. This trade represents a 48.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer now owns 171,268 shares in the company, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,074,727 shares of company stock valued at $40,702,339 over the last quarter. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of DKNG. Raiffeisen Bank International AG acquired a new position in DraftKings during the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new stake in shares of DraftKings in the first quarter valued at $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at $27,000. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at $28,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the fourth quarter worth $28,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.