Brokerages Set DraftKings Inc. (NASDAQ:DKNG) PT at $50.92

DraftKings Inc. (NASDAQ:DKNG) has been given an average recommendation of “Moderate Buy” by the twenty-six brokerages that are presently covering the firm, Marketbeat 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 target among analysts that have updated their coverage on the stock in the last year is $51.64.

A number of research analysts recently issued reports on DKNG shares. Barclays raised their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Morgan Stanley raised their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a report on Friday. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Finally, Canaccord Genuity Group raised their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday.

DraftKings Trading Up 15.2 %

DKNG opened at $53.49 on Friday. The company’s 50 day moving average is $40.54 and its 200-day moving average is $38.75. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market cap of $26.08 billion, a P/E ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts predict that DraftKings will post -0.95 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,163,742 shares of company stock valued at $47,082,888. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Several hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in DraftKings during the 4th quarter worth $276,328,000. FMR LLC boosted its holdings in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. purchased a new position in DraftKings during the 4th quarter worth $246,765,000. Contrarius Group Holdings Ltd purchased a new position in DraftKings during the 4th quarter worth $58,397,000. Finally, Fred Alger Management LLC boosted its holdings in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.