DraftKings (NASDAQ:DKNG) Given New $48.00 Price Target at Morgan Stanley

DraftKings (NASDAQ:DKNG) had its target price upped by Morgan Stanley from $47.00 to $48.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also weighed in on DKNG. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Macquarie reiterated an “outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Monday, August 26th. Oppenheimer decreased their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Bank of America cut their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Finally, Truist Financial reissued a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.22.

DraftKings Trading Down 0.8 %

NASDAQ DKNG opened at $36.47 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings has a one year low of $25.73 and a one year high of $49.57. The company has a 50-day simple moving average of $37.20 and a 200-day simple moving average of $38.45. The firm has a market capitalization of $31.70 billion, a PE ratio of -31.24 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate 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 previous year, the firm posted ($0.17) earnings per share. On average, equities analysts forecast that DraftKings will post -0.31 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,220,536 shares of company stock valued at $46,110,465 in the last three months. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DKNG. Vanguard Group Inc. grew its stake in DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after acquiring an additional 747,937 shares in the last quarter. Marshall Wace LLP grew its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in DraftKings by 8.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after buying an additional 441,975 shares during the period. Lord Abbett & CO. LLC lifted its position in DraftKings by 20.6% in the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after buying an additional 663,427 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

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.