DraftKings (NASDAQ:DKNG) Upgraded to Neutral by BNP Paribas

DraftKings (NASDAQ:DKNG) was upgraded by analysts at BNP Paribas from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday, Briefing.com reports. The brokerage presently has a $35.00 target price on the stock. BNP Paribas’ price target points to a potential downside of 3.07% from the company’s previous close.

Several other analysts have also recently weighed in on DKNG. Wells Fargo & Company dropped their price target on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Bank of America lowered their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Monday. Barclays lowered their price target on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Finally, The Goldman Sachs Group reduced their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $49.78.

DraftKings Stock Up 2.8 %

Shares of NASDAQ DKNG opened at $36.11 on Tuesday. The stock has a market cap of $31.39 billion, a PE ratio of -30.60 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a 50-day moving average of $35.22 and a 200 day moving average of $39.68.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business earned ($0.17) earnings per share. The business’s revenue was up 26.2% compared to the same quarter last year. As a group, sell-side analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold 1,470,537 shares of company stock worth $54,321,570 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently modified their holdings of the business. RDA Financial Network acquired a new stake in DraftKings during the 1st quarter worth $232,000. LRI Investments LLC purchased a new position in shares of DraftKings during the first quarter worth about $31,000. CreativeOne Wealth LLC acquired a new position in DraftKings in the 1st quarter valued at about $297,000. Janney Montgomery Scott LLC raised its stake in DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after acquiring an additional 129,294 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in DraftKings by 1.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after acquiring an additional 1,021 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.