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

Shares of DraftKings Inc. (NASDAQ:DKNG) have been given an average rating of “Moderate Buy” by the forty ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $34.2710.

A number of equities analysts have weighed in on the company. Moffett Nathanson lowered DraftKings from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $38.00 to $27.00 in a research note on Friday, April 24th. Northland Securities set a $27.00 price objective on DraftKings in a research report on Monday, May 11th. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research report on Monday, June 22nd. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of DraftKings in a research report on Wednesday, June 24th. Finally, Weiss Ratings lowered DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $25.26 on Wednesday. The firm has a market capitalization of $12.53 billion, a P/E ratio of 421.00 and a beta of 1.66. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The stock’s 50-day simple moving average is $25.18 and its two-hundred day simple moving average is $26.89. DraftKings has a twelve month low of $20.46 and a twelve month high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.DraftKings’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) earnings per share. As a group, equities analysts anticipate that DraftKings will post 0.6 EPS for the current fiscal year.

Insider Activity

In other news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,596 shares of company stock worth $2,756,991 over the last quarter. Corporate insiders own 47.18% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Janus Henderson Group PLC boosted its holdings in DraftKings by 9.3% during the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after acquiring an additional 2,351,790 shares during the period. Viking Global Investors LP boosted its holdings in DraftKings by 27.4% during the 4th quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after acquiring an additional 4,116,561 shares during the period. Capital World Investors boosted its holdings in DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after acquiring an additional 12,008,357 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in DraftKings by 41.0% during the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after acquiring an additional 4,788,337 shares during the period. 37.70% of the stock is currently owned by institutional investors.

About DraftKings

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.