DraftKings (NASDAQ:DKNG) Price Target Raised to $52.00

DraftKings (NASDAQ:DKNG) had its price objective upped by JMP Securities from $51.00 to $52.00 in a report published on Monday morning,Benzinga reports. They currently have a market outperform rating on the stock.

A number of other research firms have also issued reports on DKNG. Oppenheimer reduced their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Macquarie restated an “outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Bank of America reduced their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $50.64.

DraftKings Stock Up 0.4 %

DraftKings stock opened at $41.88 on Monday. The company has a market capitalization of $36.79 billion, a PE ratio of -47.59 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The firm has a 50 day moving average price of $38.00 and a 200 day moving average price of $37.91.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Research analysts expect that DraftKings will post -0.41 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was 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 of the company’s stock, valued at $94,402,390.50. 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 available through this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in DraftKings in the 1st quarter valued at approximately $31,000. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the 2nd quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the 2nd quarter valued at approximately $39,000. St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings in the second quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings during the third quarter worth $46,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

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.