DraftKings Inc. (NASDAQ:DKNG) Receives $35.86 Average PT from Analysts

Shares of DraftKings Inc. (NASDAQ:DKNGGet Rating) have been given an average recommendation of “Hold” by the twenty-five ratings firms that are currently covering the company, Marketbeat.com reports. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $35.86.

A number of research firms have issued reports on DKNG. Cowen decreased their price target on shares of DraftKings from $60.00 to $50.00 in a report on Wednesday, May 4th. Bank of America decreased their price target on shares of DraftKings from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday, February 22nd. Needham & Company LLC decreased their price target on shares of DraftKings from $32.00 to $25.00 in a report on Monday, May 9th. Jefferies Financial Group began coverage on shares of DraftKings in a report on Monday, May 16th. They issued a “buy” rating for the company. Finally, Loop Capital decreased their price target on shares of DraftKings from $35.00 to $25.00 in a report on Monday, May 9th.

NASDAQ:DKNG traded down $0.12 during midday trading on Monday, reaching $14.03. 22,624,731 shares of the stock traded hands, compared to its average volume of 27,460,428. DraftKings has a 12-month low of $9.77 and a 12-month high of $64.58. The business has a 50-day moving average of $16.09 and a two-hundred day moving average of $23.58. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.96 and a current ratio of 2.96. The stock has a market capitalization of $11.25 billion, a PE ratio of -3.46 and a beta of 2.07.

DraftKings (NASDAQ:DKNGGet Rating) last posted its earnings results on Friday, May 6th. The company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.08. DraftKings had a negative net margin of 117.39% and a negative return on equity of 86.40%. The company had revenue of $417.21 million during the quarter, compared to analysts’ expectations of $404.20 million. Research analysts anticipate that DraftKings will post -3.6 earnings per share for the current year.

In related news, insider R Stanton Dodge sold 191,501 shares of the firm’s stock in a transaction on Thursday, February 24th. The shares were sold at an average price of $19.77, for a total transaction of $3,785,974.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Harry Sloan purchased 50,000 shares of the company’s stock in a transaction that occurred on Monday, March 14th. The shares were purchased at an average price of $15.39 per share, for a total transaction of $769,500.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 190,000 shares of company stock worth $3,608,000 and have sold 1,316,922 shares worth $25,319,815. 55.92% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in DKNG. Redpoint Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $189,342,000. HG Vora Capital Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $126,555,000. Two Sigma Advisers LP grew its position in shares of DraftKings by 1,007.6% in the third quarter. Two Sigma Advisers LP now owns 3,807,800 shares of the company’s stock valued at $183,384,000 after purchasing an additional 3,464,000 shares during the period. Norges Bank acquired a new stake in shares of DraftKings in the fourth quarter valued at about $78,258,000. Finally, Nikko Asset Management Americas Inc. grew its position in shares of DraftKings by 26.1% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 12,290,927 shares of the company’s stock valued at $341,688,000 after purchasing an additional 2,540,748 shares during the period. Institutional investors and hedge funds own 33.91% of the company’s stock.

About DraftKings (Get Rating)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily fantasy sports, sports betting, and iGaming opportunities, as well as media and other online consumer products.

Further Reading

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

Receive News & Ratings for DraftKings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DraftKings and related companies with MarketBeat.com's FREE daily email newsletter.