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

DraftKings (NASDAQ:DKNG) had its target price boosted by analysts at TD Cowen from $50.00 to $55.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 29.72% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company lifted their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Barclays raised their price objective on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday. UBS Group increased their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, JMP Securities upped their price objective on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.64.

DraftKings Stock Down 1.9 %

Shares of DKNG traded down $0.81 during mid-day trading on Tuesday, reaching $42.40. 5,529,260 shares of the stock traded hands, compared to its average volume of 10,372,925. The stock has a fifty day simple moving average of $37.83 and a 200 day simple moving average of $37.92. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market cap of $37.25 billion, a price-to-earnings ratio of -48.18 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. Sell-side analysts expect that DraftKings will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents 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 stock in a transaction dated 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 transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC raised its position in DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of DraftKings in the 2nd quarter worth approximately $1,530,000. Romano Brothers AND Company bought a new stake in shares of DraftKings in the 3rd quarter worth approximately $1,181,000. US Bancorp DE lifted its stake in DraftKings by 110.2% during the third quarter. US Bancorp DE now owns 859,715 shares of the company’s stock valued at $33,701,000 after purchasing an additional 450,773 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock worth $3,129,000 after buying an additional 31,880 shares in the last quarter. Institutional investors 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.