DraftKings (NASDAQ:DKNG) Sees Strong Trading Volume After Analyst Upgrade

Shares of DraftKings Inc. (NASDAQ:DKNGGet Free Report) saw unusually-strong trading volume on Friday after Benchmark raised their price target on the stock from $50.00 to $52.00. Benchmark currently has a buy rating on the stock. Approximately 10,770,857 shares were traded during trading, a decline of 7% from the previous session’s volume of 11,519,905 shares.The stock last traded at $42.23 and had previously closed at $43.03.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group began coverage on DraftKings in a research note on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $58.00 price objective on shares of DraftKings in a research report on Friday. Barclays upped their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Morgan Stanley raised their price target on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Susquehanna upped their price objective on DraftKings from $54.00 to $56.00 and gave the stock a “positive” rating in a research note on Monday, April 29th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $47.45.

Get Our Latest Report on DKNG

Insider Activity

In other news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,086,101 shares of company stock worth $45,903,509. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Several large investors have recently bought and sold shares of DKNG. Cambridge Investment Research Advisors Inc. increased its position in shares of DraftKings by 8.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock valued at $2,624,000 after acquiring an additional 6,965 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in shares of DraftKings by 178.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company’s stock worth $1,414,000 after purchasing an additional 30,802 shares during the last quarter. Xponance Inc. lifted its holdings in shares of DraftKings by 1.1% during the third quarter. Xponance Inc. now owns 59,403 shares of the company’s stock worth $1,749,000 after purchasing an additional 670 shares during the period. Bank of New York Mellon Corp boosted its position in DraftKings by 7.7% in the third quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company’s stock valued at $36,978,000 after buying an additional 90,004 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new position in DraftKings in the 3rd quarter worth approximately $209,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 2.8 %

The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The business’s 50-day simple moving average is $43.58 and its 200-day simple moving average is $38.78. The company has a market capitalization of $36.24 billion, a PE ratio of -35.44 and a beta of 1.87.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period last year, the business earned ($0.87) EPS. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

About DraftKings

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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.

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