DraftKings (NASDAQ:DKNG) Price Target Raised to $58.00 at UBS Group

DraftKings (NASDAQ:DKNG) had its price objective upped by UBS Group from $56.00 to $58.00 in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently issued reports on DKNG. The Goldman Sachs Group cut their price objective on DraftKings from $60.00 to $54.00 and set a buy rating for the company in a report on Monday, August 5th. Oppenheimer cut their price target on shares of DraftKings from $58.00 to $55.00 and set an outperform rating for the company in a report on Monday, August 5th. Morgan Stanley decreased their price objective on shares of DraftKings from $51.00 to $47.00 and set an overweight rating on the stock in a research note on Tuesday, August 13th. Stifel Nicolaus reiterated a buy rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Finally, Benchmark boosted their target price on DraftKings from $41.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $49.52.

DraftKings Stock Down 1.7 %

Shares of DKNG opened at $35.11 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $35.24 and a two-hundred day moving average price of $39.72. The stock has a market cap of $30.52 billion, a price-to-earnings ratio of -29.75 and a beta of 1.80. DraftKings has a 12 month low of $25.73 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) EPS. Equities analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Insiders have sold 1,470,537 shares of company stock worth $54,321,570 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several large investors have recently bought and sold shares of DKNG. Winthrop Advisory Group LLC grew its holdings in shares of DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares during the period. ST Germain D J Co. Inc. grew its stake in DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after acquiring an additional 250 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after acquiring an additional 286 shares in the last quarter. Sfmg LLC raised its position in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after purchasing an additional 325 shares in the last quarter. 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.