Bernstein Sticks to Their Buy Rating for DraftKings (DKNG)

In a report released yesterday, Ian S. Moore from Bernstein maintained a Buy rating on DraftKings, with a price target of $31.00. The company’s shares closed yesterday at $26.32.

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S. Moore covers the Communication Services sector, focusing on stocks such as Spotify, Warner Music Group, and Live Nation Entertainment. According to TipRanks, S. Moore has an average return of -2.3% and a 47.92% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for DraftKings with a $35.57 average price target, implying a 35.14% upside from current levels. In a report released on June 16, Craig-Hallum also reiterated a Buy rating on the stock with a $31.00 price target.

Based on DraftKings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.65 billion and a net profit of $21.07 million. In comparison, last year the company earned a revenue of $1.41 billion and had a GAAP net loss of $33.86 million

Based on the recent corporate insider activity of 127 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DKNG in relation to earlier this year. Last month, Woodrow Levin, a Director at DKNG sold 34,234.00 shares for a total of $880,156.14.