DraftKings (NASDAQ:DKNG) PT Raised to $55.00 at BTIG Research

DraftKings (NASDAQ:DKNG) had its price objective raised by equities researchers at BTIG Research from $53.00 to $55.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 31.52% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. Wells Fargo & Company lifted their target price on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. BNP Paribas cut DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 target price for the company. in a research note on Friday, January 19th. Needham & Company LLC restated a “buy” rating and set a $58.00 target price on shares of DraftKings in a research note on Friday. Truist Financial restated a “buy” rating and set a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Finally, Piper Sandler boosted their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.00.

DraftKings Stock Down 2.8 %

NASDAQ DKNG opened at $41.82 on Monday. The business has a fifty day moving average price of $43.58 and a 200 day moving average price of $38.92. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $36.24 billion, a P/E ratio of -35.44 and a beta of 1.87. DraftKings has a one year low of $21.07 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company 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 firm’s revenue was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.87) EPS. Research analysts anticipate that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock worth $45,903,509 over the last three months. 48.94% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

A number of institutional investors have recently modified their holdings of DKNG. Cambridge Investment Research Advisors Inc. raised its holdings in DraftKings by 8.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock valued at $2,624,000 after buying an additional 6,965 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in 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 period. Bank of New York Mellon Corp boosted its holdings 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 worth $36,978,000 after purchasing an additional 90,004 shares during the period. Brown Advisory Inc. acquired a new position in DraftKings in the third quarter worth $209,000. Finally, Forsta AP Fonden acquired a new position in DraftKings in the third quarter worth $2,703,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.