Brokerages Set DraftKings Inc. (NASDAQ:DKNG) Target Price at $51.08

Shares of DraftKings Inc. (NASDAQ:DKNG) have earned a consensus recommendation of “Moderate Buy” from the twenty-six research firms that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $51.08.

Several equities research analysts have recently weighed in on DKNG shares. Morgan Stanley increased their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. JMP Securities reduced their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. Barclays boosted their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th.

DraftKings Trading Up 5.7 %

DKNG opened at $41.51 on Wednesday. The stock has a 50-day moving average of $40.57 and a 200 day moving average of $37.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The firm has a market cap of $36.56 billion, a P/E ratio of -47.17, a P/E/G ratio of 2.94 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate 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, research analysts forecast that DraftKings will post -0.9 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock worth $41,303,025 over the last three months. Corporate insiders own 48.94% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Pine Valley Investments Ltd Liability Co increased its stake in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after buying an additional 249 shares in the last quarter. Claro Advisors LLC grew its stake in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Global Retirement Partners LLC raised its holdings in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares during the last quarter. Westside Investment Management Inc. lifted its stake in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its holdings in shares of DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.