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

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-seven brokerages that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $50.22.

DKNG has been the topic of a number of research reports. UBS Group raised their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Macquarie restated an “outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. Susquehanna raised their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. The Goldman Sachs Group reduced their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Monday, September 23rd.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,536 shares of company stock valued at $46,110,465 in the last quarter. 48.94% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Future Fund LLC purchased a new position in shares of DraftKings during the 3rd quarter worth about $736,000. Consolidated Investment Group LLC purchased a new position in shares of DraftKings during the third quarter valued at approximately $1,627,000. Tyler Stone Wealth Management boosted its position in shares of DraftKings by 130.4% during the third quarter. Tyler Stone Wealth Management now owns 11,378 shares of the company’s stock valued at $446,000 after buying an additional 6,439 shares during the period. XML Financial LLC bought a new position in shares of DraftKings during the third quarter valued at approximately $202,000. Finally, Atria Investments Inc bought a new stake in shares of DraftKings during the 3rd quarter worth approximately $215,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG opened at $36.45 on Friday. The company’s 50-day simple moving average is $37.37 and its two-hundred day simple moving average is $37.94. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $32.02 billion, a P/E ratio of -40.96 and a beta of 1.82. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57.

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.