Shares of DraftKings Inc. (NASDAQ:DKNG – Get Free Report) have received an average rating of “Moderate Buy” from the forty brokerages that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, twenty-nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $34.4323.
DKNG has been the subject of a number of recent analyst reports. BNP Paribas Exane began coverage on DraftKings in a research report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price objective for the company. Barclays boosted their target price on DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Citigroup restated a “market outperform” rating on shares of DraftKings in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft raised their price target on DraftKings from $26.00 to $28.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Finally, Moffett Nathanson cut shares of DraftKings from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $38.00 to $27.00 in a research report on Friday, April 24th.
Check Out Our Latest Analysis on DKNG
DraftKings Trading Down 1.9%
DraftKings (NASDAQ:DKNG – Get Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.DraftKings’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. Sell-side analysts forecast that DraftKings will post 0.54 earnings per share for the current year.
Insider Activity
In related news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the transaction, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,596 shares of company stock worth $2,756,991 over the last three months. Insiders own 47.18% of the company’s stock.
Institutional Investors Weigh In On DraftKings
Several hedge funds have recently bought and sold shares of the stock. LifeGoal Investments LLC bought a new stake in shares of DraftKings during the second quarter worth approximately $218,000. CoreCap Advisors LLC grew its position in shares of DraftKings by 336.5% in the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock valued at $29,000 after purchasing an additional 885 shares during the last quarter. Stableford Capital II LLC bought a new position in shares of DraftKings during the second quarter worth approximately $835,000. Basecamp Wealth Advisors LLC increased its stake in shares of DraftKings by 3,547.1% during the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock worth $27,000 after purchasing an additional 1,206 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in DraftKings by 13.5% during the 1st quarter. Pacer Advisors Inc. now owns 12,369 shares of the company’s stock worth $267,000 after purchasing an additional 1,468 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Key DraftKings News
Here are the key news stories impacting DraftKings this week:
- Positive Sentiment: DraftKings launched DKeX, a new platform expansion that could broaden its product offering and support longer-term engagement and revenue growth. DraftKings (NASDAQ:DKNG) Expands Platform With DKeX Launch
- Positive Sentiment: Truist and Wells Fargo both maintained bullish ratings on DraftKings while trimming price targets to $29, signaling continued analyst confidence despite near-term volatility. DraftKings price target updates
- Neutral Sentiment: Coverage pieces about why DraftKings is catching market attention and a broader casino-stocks roundup may be contributing to trading interest, but they do not appear to signal a major fundamental change. Why Is DraftKings (NASDAQ:DKNG) Catching Market Attention?
- Negative Sentiment: Recent trading has been weak, with DKNG falling more than the broader market and closing around $24.32 in the latest cited session, suggesting momentum remains soft. DraftKings (DKNG) Declines More Than Market: Some Information for 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.
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