DraftKings Inc. (NASDAQ:DKNG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

DraftKings Inc. (NASDAQ:DKNG) has received a consensus rating of “Moderate Buy” from the twenty-eight research firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and twenty-five have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $49.07.

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of DraftKings in a research report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price target on the stock. Oppenheimer upped their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Bank Of America (Bofa) boosted their price objective on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Piper Sandler raised their target price on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Finally, BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 48.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DKNG. Winthrop Advisory Group LLC lifted its position in shares of DraftKings by 2.4% during the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after acquiring an additional 244 shares in the last quarter. ST Germain D J Co. Inc. lifted its holdings in DraftKings by 26.3% during the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after purchasing an additional 250 shares in the last quarter. Sfmg LLC boosted its stake in DraftKings by 3.9% in the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares during the period. Fifth Third Bancorp grew its holdings in DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after buying an additional 331 shares in the last quarter. Finally, Cornerstone Wealth Management LLC increased its position in shares of DraftKings by 4.4% during the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after buying an additional 341 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $44.03 on Friday. The firm has a market cap of $38.16 billion, a PE ratio of -37.31 and a beta of 1.87. DraftKings has a 52 week low of $22.65 and a 52 week high of $49.57. The firm’s fifty day moving average is $43.70 and its 200-day moving average is $39.17. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.87) EPS. Sell-side analysts predict that DraftKings will post -0.24 earnings per share for the current year.

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.