DraftKings Inc. (NASDAQ:DKNG) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of DraftKings Inc. (NASDAQ:DKNG - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twenty-eight ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $54.41.

Several equities research analysts have recently commented on DKNG shares. Truist Financial reduced their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Northland Securities set a $50.00 price objective on shares of DraftKings in a research note on Friday, April 25th. JPMorgan Chase & Co. boosted their price target on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Morgan Stanley reduced their price objective on shares of DraftKings from $53.00 to $51.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Finally, BTIG Research reduced their target price on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd.

Insider Activity

In other news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director now directly owns 5,947 shares in the company, valued at $209,810.16. This represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction 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 now owns 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,074,727 shares of company stock valued at $40,702,339 in the last quarter. Company insiders own 51.19% of the company's stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently bought and sold shares of the stock. Raiffeisen Bank International AG bought a new position in shares of DraftKings during the fourth quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC purchased a new position in DraftKings during the fourth quarter valued at approximately $28,000. FNY Investment Advisers LLC purchased a new position in DraftKings during the first quarter valued at approximately $26,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in DraftKings in the 1st quarter worth approximately $27,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 3.9%

Shares of DKNG stock opened at $36.50 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The business has a 50-day moving average price of $35.03 and a two-hundred day moving average price of $38.65. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market cap of $32.46 billion, a P/E ratio of -34.43, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63.

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.

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