DraftKings (NASDAQ:DKNG) Given New $60.00 Price Target at Truist Financial

DraftKings (NASDAQ:DKNG) had its price objective hoisted by Truist Financial from $50.00 to $60.00 in a research note released on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other analysts also recently issued reports on the stock. Morgan Stanley lifted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, February 14th. Stifel Nicolaus lifted their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $53.69.

DraftKings Trading Down 2.6 %

NASDAQ:DKNG opened at $49.44 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a fifty day simple moving average of $41.30 and a two-hundred day simple moving average of $39.18. The stock has a market capitalization of $24.22 billion, a price-to-earnings ratio of -46.64, a PEG ratio of 2.06 and a beta of 1.93. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. Analysts expect that DraftKings will post 0.46 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade 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 worth $46,945,158 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Institutional investors have recently modified their holdings of the business. Raiffeisen Bank International AG purchased a new stake in shares of DraftKings during the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings during the 4th quarter worth about $28,000. Stonebridge Financial Group LLC purchased a new stake in DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings during the 4th quarter worth about $30,000. Finally, Synergy Investment Management LLC purchased a new stake in DraftKings during the 4th quarter worth about $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.