Analysts Set DraftKings Inc. (NASDAQ:DKNG) PT at $47.07

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned an average rating of “Moderate Buy” from the thirty-two ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and twenty-five have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $47.0690.

A number of equities research analysts have issued reports on DKNG shares. Sanford C. Bernstein cut their price target on DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Berenberg Bank set a $43.00 price objective on shares of DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Northland Securities upgraded shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. BTIG Research upped their target price on shares of DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 5th. Finally, Wall Street Zen downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of DraftKings stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the transaction, the chief financial officer directly owned 126,990 shares in the company, valued at approximately $3,711,917.70. The trade was a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $33.84, for a total value of $1,785,973.68. Following the sale, the insider directly owned 512,182 shares of the company’s stock, valued at $17,332,238.88. This represents a 9.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 166,752 shares of company stock valued at $5,387,153 in the last 90 days. 51.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriflex Group Inc. lifted its holdings in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of DraftKings in the third quarter worth $33,000. TD Private Client Wealth LLC raised its position in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the period. Asset Dedication LLC purchased a new position in shares of DraftKings during the 3rd quarter valued at $37,000. Finally, AlphaQuest LLC purchased a new position in shares of DraftKings during the 3rd quarter valued at $41,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Up 3.5%

NASDAQ:DKNG opened at $35.66 on Wednesday. The company has a market cap of $17.75 billion, a PE ratio of -62.56, a price-to-earnings-growth ratio of 0.68 and a beta of 1.63. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The company has a 50 day simple moving average of $32.48 and a two-hundred day simple moving average of $38.75. DraftKings has a 12 month low of $26.23 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share 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 firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the company earned ($0.60) earnings per share. DraftKings’s quarterly revenue was up 4.4% compared to the same quarter last year. Research analysts forecast that DraftKings will post 0.64 earnings per share for the current year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.