DraftKings Inc. (NASDAQ:DKNG) Receives Average Rating of “Moderate Buy” from Analysts

DraftKings Inc. (NASDAQ:DKNG) has been assigned an average recommendation of “Moderate Buy” from the thirty-one research firms that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $36.8357.

Several brokerages have recently commented on DKNG. Truist Financial dropped their price target on shares of DraftKings from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. The Goldman Sachs Group lowered their target price on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. JPMorgan Chase & Co. dropped their target price on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, February 17th. Wells Fargo & Company set a $30.00 price target on DraftKings in a research note on Monday, February 16th. Finally, Mizuho reduced their price target on DraftKings from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th.

Insiders Place Their Bets

In other news, Director Harry Sloan purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the transaction, the director directly owned 350,219 shares of the company’s stock, valued at approximately $7,652,285.15. The trade was a 39.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares in the company, valued at $16,005,000. The trade was a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,822 shares of company stock worth $3,638,895. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several institutional investors have recently modified their holdings of the business. MidFirst Bank acquired a new stake in DraftKings during the 4th quarter worth approximately $325,000. Virtu Financial LLC bought a new stake in shares of DraftKings during the fourth quarter worth $528,000. Compound Planning Inc. acquired a new stake in shares of DraftKings during the fourth quarter worth $2,079,000. Evansbrook LLC bought a new stake in DraftKings in the 4th quarter valued at $2,090,000. Finally, Strive Financial Group LLC acquired a new position in DraftKings in the 4th quarter worth $147,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock opened at $22.94 on Thursday. The firm has a market cap of $11.31 billion, a price-to-earnings ratio of -573.50, a PEG ratio of 0.92 and a beta of 1.67. DraftKings has a 12 month low of $21.01 and a 12 month high of $48.78. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The stock has a 50-day moving average price of $30.21 and a 200 day moving average price of $34.95.

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.