DraftKings (NASDAQ:DKNG) Price Target Raised to $57.00

DraftKings (NASDAQ:DKNG) had its price objective boosted by Stifel Nicolaus from $48.00 to $57.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also issued reports on DKNG. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their target price on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. JMP Securities restated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Finally, Canaccord Genuity Group lifted their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.69.

DraftKings Price Performance

Shares of DraftKings stock opened at $49.44 on Tuesday. The company has a market cap of $24.22 billion, a PE ratio of -46.64, a P/E/G ratio of 2.06 and a beta of 1.93. The business has a 50 day moving average of $41.30 and a 200 day moving average of $39.18. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 47.48% and a negative net margin of 10.64%. As a group, equities research analysts forecast that DraftKings will post 0.46 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 532,095 shares of the business’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 transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was 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 valued at $46,945,158 in the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently made changes to their positions in the business. Raiffeisen Bank International AG bought a new stake in DraftKings in the fourth quarter worth $25,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings in the 4th quarter worth $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the 4th quarter valued at about $30,000. Finally, Synergy Investment Management LLC bought a new position in DraftKings in the fourth quarter worth approximately $37,000. 37.70% of the stock is currently owned by institutional investors.

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.