DraftKings (NASDAQ:DKNG) Price Target Raised to $60.00

DraftKings (NASDAQ:DKNG) had its target price upped by Wells Fargo & Company from $53.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

DKNG has been the subject of a number of other research reports. Barclays boosted their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday. Canaccord Genuity Group raised their target price on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. TD Cowen cut their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, Macquarie upped their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Stock Down 2.6 %

Shares of NASDAQ:DKNG opened at $49.44 on Tuesday. The firm’s 50-day moving average is $41.30 and its two-hundred day moving average is $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. The firm has a market capitalization of $24.22 billion, a PE ratio of -46.64, a price-to-earnings-growth ratio of 2.06 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its 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%. Analysts predict that DraftKings will post 0.46 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,160,591 shares of company stock valued at $46,945,158. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after purchasing an additional 707,504 shares in the last quarter. FMR LLC increased its position in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC raised its stake in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after purchasing an additional 89,988 shares in the last quarter. 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.