DraftKings (NASDAQ:DKNG) Price Target Raised to $51.00 at Macquarie

DraftKings (NASDAQ:DKNG) had its price target increased by Macquarie from $50.00 to $51.00 in a research report released on Monday,Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also weighed in on DKNG. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. UBS Group lifted their target price on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. The Goldman Sachs Group lowered their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. increased their target price on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.48.

DraftKings Trading Down 1.2 %

Shares of DKNG traded down $0.50 during mid-day trading on Monday, reaching $42.71. 2,035,831 shares of the company were exchanged, compared to its average volume of 10,356,974. The business has a 50 day simple moving average of $37.83 and a two-hundred day simple moving average of $37.92. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The stock has a market capitalization of $37.52 billion, a PE ratio of -49.10 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

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

Insider Activity

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Janney Montgomery Scott LLC grew its holdings in shares of DraftKings by 51.6% during the 3rd 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 during the period. Sanctuary Advisors LLC bought a new stake in shares of DraftKings during the second quarter valued at approximately $1,530,000. Romano Brothers AND Company purchased a new stake in DraftKings in the third quarter worth $1,181,000. US Bancorp DE raised its holdings in DraftKings by 110.2% in the third quarter. US Bancorp DE now owns 859,715 shares of the company’s stock worth $33,701,000 after purchasing an additional 450,773 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after buying an additional 31,880 shares during the period. 37.70% of the stock is owned by 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.