Brokerages Set DraftKings Inc. (NASDAQ:DKNG) PT at $49.24

DraftKings Inc. (NASDAQ:DKNG) has been assigned an average rating of “Moderate Buy” from the twenty-nine ratings firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and twenty-five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $49.17.

DKNG has been the topic of several recent research reports. Berenberg Bank raised DraftKings to a “hold” rating in a report on Friday, May 31st. Moffett Nathanson lifted their target price on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. Wells Fargo & Company lowered their price target on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, June 25th. Benchmark upped their price objective on DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, Susquehanna reduced their target price on DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a report on Wednesday, June 5th.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders sold 1,520,340 shares of company stock valued at $60,996,583 in the last quarter. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently modified their holdings of the business. HM Payson & Co. raised its position in shares of DraftKings by 12.7% in the first quarter. HM Payson & Co. now owns 4,440 shares of the company’s stock valued at $202,000 after buying an additional 500 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in DraftKings by 4.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 28,825 shares of the company’s stock worth $1,336,000 after acquiring an additional 1,195 shares during the period. Tactive Advisors LLC acquired a new position in DraftKings in the 1st quarter valued at $332,000. EULAV Asset Management lifted its position in shares of DraftKings by 10.8% during the 1st quarter. EULAV Asset Management now owns 257,000 shares of the company’s stock valued at $11,670,000 after acquiring an additional 25,000 shares during the period. Finally, Cetera Advisors LLC grew its holdings in shares of DraftKings by 41.9% during the 1st quarter. Cetera Advisors LLC now owns 301,805 shares of the company’s stock worth $13,705,000 after purchasing an additional 89,132 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DraftKings stock opened at $37.30 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings has a 1-year low of $24.97 and a 1-year high of $49.57. The firm has a fifty day simple moving average of $40.60 and a 200-day simple moving average of $40.61. The stock has a market capitalization of $32.42 billion, a price-to-earnings ratio of -31.61 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the company posted ($0.87) earnings per share. The firm’s revenue was up 52.7% compared to the same quarter last year. On average, sell-side analysts expect that DraftKings will post -0.24 earnings per share for the current year.

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.