Brokerages Set DraftKings Inc. (NASDAQ:DKNG) Target Price at $54.42

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.com reports. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $54.42.

DKNG has been the topic of a number of recent research reports. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Canaccord Genuity Group upped their price objective 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. Barclays boosted their price objective on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Stifel Nicolaus lifted their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th.

DraftKings Trading Down 2.3 %

DKNG opened at $31.67 on Monday. The firm’s fifty day simple moving average is $41.21 and its 200 day simple moving average is $40.15. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The stock has a market capitalization of $15.83 billion, a P/E ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16. 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 (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock worth $117,241,446 in the last 90 days. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. boosted its holdings in DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after acquiring an additional 26,164 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in DraftKings by 2.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after buying an additional 35,466 shares in the last quarter. Stifel Financial Corp raised its stake in shares of DraftKings by 27.7% in the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after acquiring an additional 42,431 shares in the last quarter. Finally, FMR LLC raised its position in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares in the last quarter. Institutional investors and hedge funds 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.