Deutsche Bank Aktiengesellschaft Raises DraftKings (NASDAQ:DKNG) Price Target to $35.00

DraftKings (NASDAQ:DKNG) had its price objective lifted by Deutsche Bank Aktiengesellschaft from $34.00 to $35.00 in a report published on Monday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock.

Several other equities analysts have also issued reports on the company. Benchmark raised their price target on DraftKings from $50.00 to $52.00 and gave the stock a buy rating in a research report on Friday, May 3rd. BNP Paribas downgraded shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 target price on the stock. in a research note on Friday, January 19th. JPMorgan Chase & Co. reissued an overweight rating and set a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Wells Fargo & Company raised their price target on shares of DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Finally, Susquehanna increased their target price on shares of DraftKings from $54.00 to $56.00 and gave the stock a positive rating in a report on Monday, April 29th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Price Performance

Shares of DraftKings stock opened at $42.81 on Monday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 52-week low of $22.65 and a 52-week high of $49.57. The company has a fifty day moving average of $43.69 and a 200-day moving average of $39.15. The stock has a market capitalization of $37.10 billion, a price-to-earnings ratio of -36.28 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last posted its quarterly 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). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the company earned ($0.87) earnings per share. The business’s quarterly revenue was up 52.7% on a year-over-year basis. Equities research analysts expect that DraftKings will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on 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 sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. boosted its stake in DraftKings by 8.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock valued at $2,624,000 after purchasing an additional 6,965 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in DraftKings by 178.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company’s stock worth $1,414,000 after buying an additional 30,802 shares in the last quarter. Bank of New York Mellon Corp raised its position in DraftKings by 7.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company’s stock worth $36,978,000 after buying an additional 90,004 shares during the last quarter. Brown Advisory Inc. bought a new position in DraftKings during the 3rd quarter valued at about $209,000. Finally, Forsta AP Fonden purchased a new stake in shares of DraftKings during the 3rd quarter valued at about $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.