TD Cowen Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target hoisted by TD Cowen from $50.00 to $55.00 in a report released on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

DKNG has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Barclays raised their price target on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday. JMP Securities upped their price target on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday. Oppenheimer dropped their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $50.64.

DraftKings Trading Down 3.5 %

Shares of DKNG stock opened at $41.71 on Tuesday. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The company’s fifty day simple moving average is $38.00 and its two-hundred day simple moving average is $37.91. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11. The stock has a market capitalization of $36.64 billion, a price-to-earnings ratio of -47.40 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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 net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. As a group, analysts anticipate that DraftKings will post -0.37 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated 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 directly owns 2,498,483 shares in the company, valued at $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. Over the last 90 days, insiders sold 1,020,536 shares of company stock worth $39,966,465. 48.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors and hedge funds have recently bought and sold shares of DKNG. Bank of Hawaii raised its holdings in shares of DraftKings by 99.1% during the third quarter. Bank of Hawaii now owns 52,713 shares of the company’s stock valued at $2,066,000 after acquiring an additional 26,235 shares in the last quarter. Daiwa Securities Group Inc. increased its position in DraftKings by 8.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 39,966 shares of the company’s stock valued at $1,567,000 after purchasing an additional 2,980 shares during the period. Westfield Capital Management Co. LP raised its holdings in DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after purchasing an additional 236,427 shares in the last quarter. Larson Financial Group LLC raised its holdings in DraftKings by 134.8% in the 3rd quarter. Larson Financial Group LLC now owns 4,167 shares of the company’s stock worth $163,000 after purchasing an additional 2,392 shares in the last quarter. Finally, Raymond James Trust N.A. purchased a new stake in shares of DraftKings in the 3rd quarter worth about $250,000. 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.