Brokerages Set DraftKings Inc. (NASDAQ:DKNG) PT at $51.00

DraftKings Inc. (NASDAQ:DKNG) has received an average rating of “Moderate Buy” from the twenty-six ratings firms that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $51.00.

Several brokerages recently weighed in on DKNG. UBS Group increased their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. TD Cowen lifted their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Susquehanna boosted their price target on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th.

DraftKings Stock Performance

NASDAQ DKNG opened at $38.57 on Friday. The company has a fifty day moving average of $40.28 and a two-hundred day moving average of $38.12. The company has a market capitalization of $33.97 billion, a PE ratio of -43.83 and a beta of 1.87. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during 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, analysts expect that DraftKings will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 320,088 shares of company stock worth $13,123,786 over the last quarter. 48.94% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

Institutional investors have recently added to or reduced their stakes in the stock. Alta Advisers Ltd bought a new position in DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings during the 2nd quarter valued at approximately $39,000. Delos Wealth Advisors LLC bought a new position in DraftKings during the third quarter worth $43,000. V Square Quantitative Management LLC acquired a new position in DraftKings in the third quarter worth $46,000. Finally, Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

About DraftKings

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.