Wells Fargo & Company Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target upped by analysts at Wells Fargo & Company from $53.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 13.99% from the company’s current price.

A number of other brokerages also recently weighed in on DKNG. Barclays raised their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday. Canaccord Genuity Group increased their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Benchmark increased their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday. Finally, Susquehanna lowered their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $52.64 on Tuesday. The firm has a market cap of $25.67 billion, a P/E ratio of -59.81, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 1-year low of $28.69 and a 1-year high of $54.10. The business’s 50 day moving average is $40.76 and its 200-day moving average is $38.89.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts predict that DraftKings will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was 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 filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,163,742 shares of company stock worth $47,082,888 over the last 90 days. Corporate 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 made changes to their positions in DKNG. Beacon Pointe Advisors LLC increased its stake in DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock valued at $398,000 after acquiring an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after buying an additional 217 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its stake in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the last quarter. Claro Advisors LLC grew its stake in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after buying an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.