DraftKings (NASDAQ:DKNG) Given New $48.00 Price Target at Morgan Stanley

DraftKings (NASDAQ:DKNG) had its price target raised by stock analysts at Morgan Stanley from $47.00 to $48.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 26.88% from the stock’s previous close.

Several other brokerages also recently weighed in on DKNG. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. Wells Fargo & Company upped their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Guggenheim cut their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, Susquehanna increased their price target on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $50.22.

DraftKings Stock Performance

Shares of DraftKings stock traded up $0.67 on Tuesday, reaching $37.83. 3,447,021 shares of the stock were exchanged, compared to its average volume of 10,364,462. The business has a 50 day moving average price of $36.93 and a two-hundred day moving average price of $38.54. The firm has a market capitalization of $32.88 billion, a price-to-earnings ratio of -32.06 and a beta of 1.81. DraftKings has a twelve month low of $25.73 and a twelve month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.17) EPS. Analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated 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 owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,132,095 shares of company stock valued at $42,890,328. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Several institutional investors have recently made changes to their positions in DKNG. LRI Investments LLC acquired a new stake in DraftKings during the first quarter worth $31,000. Concord Wealth Partners raised its holdings in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the period. Alta Advisers Ltd acquired a new position in DraftKings in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings during the second quarter worth about $39,000. Finally, St. Johns Investment Management Company LLC acquired a new stake in shares of DraftKings during the second quarter valued at about $46,000. Hedge funds and other institutional investors 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.