DraftKings (NASDAQ:DKNG) Price Target Raised to $55.00

DraftKings (NASDAQ:DKNG) had its target price hoisted by TD Cowen from $50.00 to $55.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on DKNG. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research note on Tuesday, September 10th. Oppenheimer dropped their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Mizuho boosted their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.64.

DraftKings Stock Down 3.8 %

Shares of DKNG stock traded down $1.56 on Tuesday, hitting $39.58. The stock had a trading volume of 3,680,342 shares, compared to its average volume of 10,349,477. The company has a quick ratio of 1.11, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The business has a 50 day moving average price of $38.26 and a 200 day moving average price of $37.96. The company has a market cap of $34.77 billion, a PE ratio of -46.75 and a beta of 1.82. DraftKings has a one year low of $28.69 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Research analysts anticipate that DraftKings will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’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 completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 3.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

Several large investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised its position in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in shares of DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after acquiring an additional 1,493,995 shares in the last quarter. Fred Alger Management LLC raised its position in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in shares of DraftKings during the 2nd quarter worth about $39,306,000. Finally, Kodai Capital Management LP acquired a new stake in shares of DraftKings during the 1st quarter worth about $41,276,000. 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.