DraftKings (NASDAQ:DKNG) Price Target Raised to $44.00

DraftKings (NASDAQ:DKNG) had its target price lifted by equities research analysts at Benchmark from $41.00 to $44.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 27.09% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. UBS Group increased their target price on shares of DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Susquehanna decreased their price target on shares of DraftKings from $49.00 to $47.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. Jefferies Financial Group lifted their price objective on shares of DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Truist Financial reissued a “buy” rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Finally, Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.56.

DraftKings Trading Up 0.6 %

Shares of DKNG traded up $0.21 during midday trading on Tuesday, reaching $34.62. The company had a trading volume of 5,632,227 shares, compared to its average volume of 10,945,339. The firm has a 50 day simple moving average of $36.65 and a 200-day simple moving average of $40.49. The stock has a market cap of $30.09 billion, a PE ratio of -29.23 and a beta of 1.81. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings has a 1-year low of $25.73 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the business posted ($0.17) earnings per share. DraftKings’s revenue was up 26.2% compared to the same quarter last year. Research analysts forecast that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the transaction, the director now owns 6,814 shares in the company, valued at $244,758.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,183,546 shares of company stock valued at $44,171,617. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in DraftKings in the 4th quarter valued at about $192,140,000. Marshall Wace LLP increased its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. First Trust Advisors LP raised its stake in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares during the period. Eagle Asset Management Inc. acquired a new position in shares of DraftKings in the 4th quarter valued at $87,829,000. Finally, Vanguard Group Inc. grew its stake in shares of DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after buying an additional 2,225,759 shares during the period. 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.