DraftKings Inc. (NASDAQ:DKNG) Given Average Rating of “Moderate Buy” by Analysts

DraftKings Inc. (NASDAQ:DKNG) has earned an average rating of “Moderate Buy” from the thirty-one research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-five have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $37.1929.

A number of research firms have recently weighed in on DKNG. Northland Securities set a $24.00 price target on shares of DraftKings in a research report on Tuesday, February 17th. Guggenheim set a $37.00 price target on shares of DraftKings in a report on Tuesday, February 17th. Stifel Nicolaus reduced their price objective on shares of DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Truist Financial decreased their price objective on shares of DraftKings from $45.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Finally, Jefferies Financial Group set a $46.00 price objective on shares of DraftKings in a report on Tuesday, March 3rd.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider owned 213,597 shares in the company, valued at $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Harry Sloan bought 100,000 shares of DraftKings stock in a transaction on Tuesday, February 17th. The shares were purchased at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the acquisition, the director owned 350,219 shares in the company, valued at $7,652,285.15. The trade was a 39.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders sold 547,345 shares of company stock worth $14,111,660. 47.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently made changes to their positions in the company. Viking Global Investors LP acquired a new position in DraftKings in the third quarter worth $561,125,000. Capital World Investors increased its stake in DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares during the period. Norges Bank acquired a new stake in shares of DraftKings during the second quarter worth $362,554,000. Finally, AQR Capital Management LLC lifted its position in shares of DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after buying an additional 4,788,337 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

DKNG stock opened at $25.87 on Monday. The stock’s 50 day moving average is $27.88 and its two-hundred day moving average is $33.15. DraftKings has a 52-week low of $21.01 and a 52-week high of $48.78. The company has a market capitalization of $12.75 billion, a PE ratio of -646.75, a P/E/G ratio of 1.06 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.