DraftKings’ (DKNG) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of DraftKings (NASDAQ:DKNG) in a research note published on Tuesday morning,Benzinga reports. The firm currently has a $60.00 target price on the stock, up from their previous target price of $48.00.

Several other equities research analysts have also recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. Finally, Morgan Stanley increased their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Trading Down 2.6 %

DKNG stock opened at $49.44 on Tuesday. The company 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. The business has a 50 day simple moving average of $41.30 and a two-hundred day simple moving average of $39.18. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted 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 47.48% and a negative net margin of 10.64%. Research analysts anticipate that DraftKings will post 0.46 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated 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 approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 2,678,613 shares in the company, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,160,591 shares of company stock worth $46,945,158 over the last three months. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raiffeisen Bank International AG bought a new position in shares of DraftKings during the 4th quarter worth approximately $25,000. Stonebridge Financial Group LLC bought a new stake in DraftKings in the fourth quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings during the 4th quarter valued at $28,000. Synergy Asset Management LLC acquired a new position in DraftKings in the 4th quarter valued at about $30,000. Finally, Synergy Investment Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds 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.