Brokerages Set DraftKings Inc. (NASDAQ:DKNG) PT at $48.66

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned a consensus recommendation of “Moderate Buy” from the thirty-two research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and twenty-six have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $48.3793.

DKNG has been the topic of several research analyst reports. Sanford C. Bernstein decreased their price target on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research note on Monday. Benchmark reduced their target price on DraftKings from $43.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Jefferies Financial Group set a $52.00 target price on DraftKings in a research report on Monday, October 6th. BTIG Research cut their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a report on Friday, November 7th. Finally, BMO Capital Markets reduced their price objective on DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 4th.

DraftKings Trading Down 5.8%

DKNG stock opened at $29.69 on Tuesday. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.34. DraftKings has a 1-year low of $26.23 and a 1-year high of $53.61. The business has a 50 day simple moving average of $36.50 and a two-hundred day simple moving average of $39.31. The company has a market capitalization of $14.78 billion, a price-to-earnings ratio of -52.09, a PEG ratio of 1.06 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the business earned ($0.60) EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis. Research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the transaction, the insider directly owned 512,181 shares of the company’s stock, valued at $24,262,013.97. This trade represents a 17.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ryan R. Moore sold 76,390 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the sale, the director owned 402 shares in the company, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 332,191 shares of company stock valued at $13,869,671 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in DraftKings by 1.6% in the second quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock worth $1,876,924,000 after buying an additional 670,884 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after acquiring an additional 130,434 shares during the period. Geode Capital Management LLC lifted its holdings in shares of DraftKings by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock worth $385,552,000 after acquiring an additional 458,452 shares during the last quarter. Norges Bank purchased a new position in shares of DraftKings during the 2nd quarter worth about $362,554,000. Finally, Baillie Gifford & Co. raised its position in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after purchasing an additional 1,756,778 shares during the period. 37.70% of the stock is owned by institutional investors.

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.