Analysts Set DraftKings Inc. (NASDAQ:DKNG) Price Target at $49.78

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given a consensus recommendation of “Moderate Buy” by the twenty-seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and twenty-four have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $49.78.

Several equities analysts have recently weighed in on DKNG shares. Berenberg Bank upgraded DraftKings to a “hold” rating in a research report on Friday, May 31st. Wells Fargo & Company reduced their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 price target (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Finally, Macquarie reiterated an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $38.07 on Thursday. The firm has a market capitalization of $33.09 billion, a PE ratio of -32.26 and a beta of 1.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $35.35 and a two-hundred day moving average price of $39.50. DraftKings has a twelve month low of $25.73 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm earned ($0.17) EPS. DraftKings’s revenue for the quarter was up 26.2% on a year-over-year basis. Equities analysts forecast that DraftKings will post -0.31 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,220,537 shares of company stock valued at $44,784,070. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of institutional investors have recently modified their holdings of DKNG. Sanctuary Advisors LLC purchased a new position in DraftKings during the 2nd quarter valued at about $1,530,000. Coronation Fund Managers Ltd. increased its stake in shares of DraftKings by 6.9% during the second quarter. Coronation Fund Managers Ltd. now owns 296,419 shares of the company’s stock valued at $11,314,000 after buying an additional 19,127 shares during the period. Truist Financial Corp raised its holdings in shares of DraftKings by 3.4% during the second quarter. Truist Financial Corp now owns 122,608 shares of the company’s stock valued at $4,680,000 after acquiring an additional 3,975 shares in the last quarter. EP Wealth Advisors LLC lifted its stake in DraftKings by 22.6% in the second quarter. EP Wealth Advisors LLC now owns 8,684 shares of the company’s stock worth $331,000 after acquiring an additional 1,602 shares during the period. Finally, Quarry LP bought a new stake in DraftKings in the second quarter valued at $87,000. 37.70% of the stock is currently owned by hedge funds and other 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.