Wells Fargo & Company Increases DraftKings (NASDAQ:DKNG) Price Target to $52.00

DraftKings (NASDAQ:DKNG) had its price objective increased by Wells Fargo & Company from $47.00 to $52.00 in a research report report published on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Bank of America decreased their target price on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. JPMorgan Chase & Co. raised their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Susquehanna raised their target price on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.19.

DraftKings Stock Performance

Shares of DKNG opened at $37.65 on Thursday. The business’s fifty day simple moving average is $36.62 and its two-hundred day simple moving average is $38.73. 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 market cap of $32.73 billion, a price-to-earnings ratio of -31.91 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. Research analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,132,095 shares of company stock worth $42,890,328. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in DraftKings by 1.9% in the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after buying an additional 747,937 shares in the last quarter. Marshall Wace LLP increased its position in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of DraftKings by 20.6% during the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after purchasing an additional 663,427 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares in the last quarter. 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.