DraftKings Inc. (NASDAQ:DKNG) Receives $34.36 Average Price Target from Analysts

by · The Cerbat Gem

DraftKings Inc. (NASDAQ:DKNG – Get Free Report) has been assigned an average rating of “Moderate Buy” from the forty-one research firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $34.3875.

Several equities analysts recently issued reports on DKNG shares. Stifel Nicolaus decreased their target price on shares of DraftKings from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley lowered their target price on shares of DraftKings from $39.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, July 23rd. JPMorgan Chase & Co. dropped their target price on DraftKings from $34.00 to $33.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Weiss Ratings cut DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday, August 21st. Finally, Zacks Research upgraded DraftKings from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th.

Get Our Latest Analysis on DKNG

DraftKings Stock Performance

NASDAQ DKNG opened at $24.74 on Monday. The firm has a market capitalization of $12.28 billion, a P/E ratio of -65.11, a PEG ratio of 2.02 and a beta of 1.63. The stock has a 50-day simple moving average of $24.62 and a two-hundred day simple moving average of $24.56. The company has a debt-to-equity ratio of 3.22, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings has a fifty-two week low of $20.46 and a fifty-two week high of $45.44.

DraftKings (NASDAQ:DKNG – Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.02 by $0.07. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.51 billion. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.DraftKings’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. On average, equities analysts forecast that DraftKings will post 0.49 earnings per share for the current year.

Insider Activity

In related news, Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the sale, the director owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. This trade represents a 85.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the company. Ascentis Independent Advisors acquired a new position in DraftKings in the 1st quarter valued at $27,000. Basecamp Wealth Advisors LLC raised its position in shares of DraftKings by 3,547.1% in the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after buying an additional 1,206 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of DraftKings by 336.5% in the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock valued at $29,000 after buying an additional 885 shares during the last quarter. SHP Wealth Management purchased a new position in shares of DraftKings in the fourth quarter worth about $42,000. Finally, Root Financial Partners LLC boosted its position in DraftKings by 208.0% during the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock worth $60,000 after acquiring an additional 1,874 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

About DraftKings

(Get Free Report)

DraftKings Inc is a digital sports entertainment and gaming company that operates online sports betting, iGaming and daily fantasy sports platforms. Its products enable customers to place bets on professional and collegiate sports, play online casino games where permitted, and participate in fantasy contests across a range of sports.

The company also offers related services, including retail sportsbooks in select jurisdictions and sports media content through DraftKings Network. Its offerings are available in U.S.

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