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

DraftKings (NASDAQ:DKNG) had its price objective hoisted by Truist Financial from $50.00 to $60.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 12.17% from the company’s previous close.

A number of other research firms also recently issued reports on DKNG. Benchmark lifted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Friday. Macquarie boosted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. TD Cowen decreased their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Barclays upped their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Finally, Susquehanna decreased their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $52.40.

DraftKings Trading Up 15.2 %

DKNG opened at $53.49 on Tuesday. The firm’s fifty day simple moving average is $40.76 and its 200 day simple moving average is $38.89. The stock has a market capitalization of $26.08 billion, a P/E ratio of -60.78, a P/E/G ratio of 3.18 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, research analysts anticipate that DraftKings will post -0.95 EPS for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,163,742 shares of company stock valued at $47,082,888. 51.19% of the stock is owned by insiders.

Institutional Trading of DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $25,000. Stonebridge Financial Group LLC acquired a new position in DraftKings in the 4th quarter valued at $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings in the 4th quarter valued at $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth $30,000. Finally, Synergy Investment Management LLC bought a new position in shares of DraftKings in the fourth quarter worth $37,000. 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.