BTIG Research Reaffirms “Buy” Rating for DraftKings (NASDAQ:DKNG)

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reiterated by equities research analysts at BTIG Research in a research note issued to investors on Monday,Benzinga reports. They presently have a $35.00 target price on the stock. BTIG Research’s target price points to a potential upside of 47.87% from the company’s previous close.

DKNG has been the subject of several other reports. Mizuho cut their price target on DraftKings from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday, February 17th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $30.00 target price on shares of DraftKings in a research note on Thursday, March 5th. Citigroup reissued a “market outperform” rating on shares of DraftKings in a research note on Tuesday, February 24th. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Finally, UBS Group dropped their price objective on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, March 16th. Twenty-five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $37.09.

DraftKings Stock Performance

NASDAQ:DKNG opened at $23.67 on Monday. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $11.67 billion, a PE ratio of -591.75, a P/E/G ratio of 0.95 and a beta of 1.67. The firm has a 50 day simple moving average of $26.82 and a 200-day simple moving average of $32.33. DraftKings has a 1-year low of $21.01 and a 1-year high of $48.78.

Insiders Place Their Bets

In other DraftKings news, CAO Erik Bradbury sold 7,268 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the sale, the chief accounting officer directly owned 36,736 shares in the company, valued at $826,560. This represents a 16.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Harry Sloan acquired 100,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was purchased at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the completion of the acquisition, the director owned 350,219 shares in the company, valued at approximately $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders sold 549,495 shares of company stock worth $14,166,700. Corporate insiders own 47.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of DKNG. Dagco Inc. acquired a new stake in shares of DraftKings in the fourth quarter worth $26,000. Ameriflex Group Inc. lifted its holdings in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of DraftKings during the 3rd quarter valued at $33,000. Asset Dedication LLC purchased a new stake in DraftKings during the 3rd quarter worth $37,000. Finally, Montag A & Associates Inc. increased its holdings in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.