Morgan Stanley Raises DraftKings (NASDAQ:DKNG) Price Target to $53.00

DraftKings (NASDAQ:DKNG) had its target price upped by investment analysts at Morgan Stanley from $49.00 to $53.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 16.62% from the stock’s current price.

DKNG has been the subject of a number of other research reports. Truist Financial boosted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Stifel Nicolaus boosted their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group raised their price objective on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Cowen reissued a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Trading Down 0.3 %

Shares of DKNG opened at $45.45 on Monday. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market capitalization of $22.27 billion, a price-to-earnings ratio of -42.90, a PEG ratio of 1.43 and a beta of 1.93. The firm’s 50-day moving average price is $41.41 and its 200-day moving average price is $39.40. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Sell-side analysts anticipate that DraftKings will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % 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, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,160,591 shares of company stock valued at $46,945,158 in the last quarter. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the fourth quarter worth $25,000. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter valued at $30,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of DraftKings in the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

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.