Brokerages Set DraftKings Inc. (NASDAQ:DKNG) Price Target at $54.38

Key Points

• DraftKings Inc. has received an average analyst rating of "Moderate Buy," with 27 buy ratings and one hold rating from 28 firms.
• The average 12-month price target for DraftKings stock among brokerages is $54.38, reflecting varying analyses from different financial institutions.
• Insiders have sold a total of 589,404 shares in the past 90 days, indicating a significant reduction in their equity positions within the company.

Shares of DraftKings Inc. (NASDAQ:DKNG - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twenty-eight analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and twenty-seven have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $54.3793.

DKNG has been the topic of several analyst reports. Benchmark reissued a "buy" rating and set a $50.00 target price (up from $45.00) on shares of DraftKings in a research report on Tuesday, July 15th. Mizuho dropped their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. BMO Capital Markets reaffirmed an "outperform" rating and set a $65.00 price objective on shares of DraftKings in a report on Thursday, April 24th. Stifel Nicolaus lowered their price target on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Barclays set a $51.00 price objective on shares of DraftKings and gave the company an "overweight" rating in a research note on Friday, July 18th.

DraftKings Stock Up 3.0%

Shares of NASDAQ DKNG traded up $1.32 during mid-day trading on Friday, reaching $45.05. The company had a trading volume of 7,096,731 shares, compared to its average volume of 10,313,792. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market capitalization of $40.06 billion, a PE ratio of -54.28, a price-to-earnings-growth ratio of 1.47 and a beta of 1.70. The stock's 50 day moving average is $40.55 and its 200-day moving average is $39.25.

Insider Buying and Selling at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider owned 4,155,130 shares of the company's stock, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 536,627 shares of company stock worth $20,843,217. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of DraftKings during the 4th quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings during the fourth quarter worth $28,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings during the first quarter worth $26,000. TD Private Client Wealth LLC increased its holdings in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock worth $34,000 after buying an additional 282 shares in the last quarter. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of DraftKings during the first quarter worth $27,000. Institutional investors own 37.70% of the company's stock.

DraftKings Company Profile

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.