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

Shares of DraftKings Inc. (NASDAQ:DKNG) have received a consensus rating of “Moderate Buy” from the twenty-six research firms that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $51.08.

DKNG has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Macquarie raised their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Barclays lifted their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. TD Cowen increased their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th.

Insider Activity

In related news, insider R Stanton Dodge sold 228,496 shares of the company’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 value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,052,183 shares of company stock worth $41,303,025. 48.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the company. Westside Investment Management Inc. lifted its position in shares of DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after acquiring an additional 288 shares in the last quarter. Perfromance Wealth Partners LLC purchased a new stake in DraftKings during the 4th quarter worth about $249,000. Atwood & Palmer Inc. lifted its position in shares of DraftKings by 1.8% during the 4th quarter. Atwood & Palmer Inc. now owns 524,259 shares of the company’s stock worth $19,502,000 after buying an additional 9,184 shares during the last quarter. Harbor Investment Advisory LLC boosted its position in shares of DraftKings by 17.3% in the 4th quarter. Harbor Investment Advisory LLC now owns 34,217 shares of the company’s stock valued at $1,273,000 after purchasing an additional 5,056 shares during the period. Finally, Veery Capital LLC boosted its stake in DraftKings by 17.1% during the 4th quarter. Veery Capital LLC now owns 37,065 shares of the company’s stock worth $1,379,000 after purchasing an additional 5,406 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ DKNG opened at $39.29 on Wednesday. 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 has a 1-year low of $28.69 and a 1-year high of $49.57. The business has a 50 day simple moving average of $40.65 and a two-hundred day simple moving average of $37.97. The stock has a market capitalization of $34.60 billion, a PE ratio of -44.65, a P/E/G ratio of 2.99 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last posted its earnings results 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 business 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%. On average, research analysts predict that DraftKings will post -0.83 EPS for the current fiscal year.

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.