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

DraftKings Inc. (NASDAQ:DKNG - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twenty-eight analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $53.90.

A number of equities analysts have recently commented on the stock. Guggenheim reduced their price objective on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. BMO Capital Markets reissued an "outperform" rating and set a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Truist Financial cut their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Cowen reissued a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Finally, Barclays cut their price target on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, May 12th.

Insider Activity

In related news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock worth $19,748,622 in the last ninety days. Company insiders own 47.08% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Raiffeisen Bank International AG bought a new position in DraftKings in the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC bought a new position in DraftKings in the first quarter valued at approximately $26,000. Smallwood Wealth Investment Management LLC bought a new position in DraftKings in the first quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in DraftKings in the fourth quarter valued at approximately $28,000. Finally, GPS Wealth Strategies Group LLC lifted its stake in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after buying an additional 564 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

NASDAQ:DKNG opened at $42.34 on Wednesday. The company has a 50-day moving average of $37.49 and a 200-day moving average of $38.51. The company has a market capitalization of $37.65 billion, a price-to-earnings ratio of -51.01, a PEG ratio of 1.27 and a beta of 1.67. DraftKings has a 52 week low of $28.69 and a 52 week 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.

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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