Brokerages Set DraftKings Inc. (NASDAQ:DKNG) Target Price at $54.44

Shares of DraftKings Inc. (NASDAQ:DKNG) have been assigned an average rating of “Moderate Buy” from the twenty-eight research firms that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $54.44.

A number of research firms have recently issued reports on DKNG. Argus set a $60.00 price objective on DraftKings in a research report on Tuesday, February 18th. Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Stifel Nicolaus upped their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Finally, Macquarie raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,558,412 shares of company stock worth $108,506,588. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently bought and sold shares of DKNG. Beacon Pointe Advisors LLC increased its position in DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after buying an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV boosted its position in shares of DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after acquiring an additional 217 shares during the period. Pine Valley Investments Ltd Liability Co grew its stake in shares of DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares in the last quarter. Claro Advisors LLC increased its position in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares during the period. Finally, Allworth Financial LP increased its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

NASDAQ:DKNG opened at $37.24 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market cap of $18.25 billion, a P/E ratio of -35.13, a PEG ratio of 1.43 and a beta of 2.07. The company has a fifty day moving average price of $42.06 and a 200 day moving average price of $40.08. DraftKings has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Analysts anticipate that DraftKings will post 0.64 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.