Citigroup Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price lifted by Citigroup from $55.00 to $58.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 40.37% from the stock’s previous close.

Several other analysts have also commented on DKNG. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Benchmark boosted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Needham & Company LLC restated a “buy” rating and issued a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Barclays cut their price target on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, May 12th. Finally, BTIG Research decreased their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

DraftKings Trading Down 1.6%

Shares of NASDAQ DKNG opened at $41.32 on Tuesday. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The business has a fifty day moving average price of $36.89 and a 200 day moving average price of $38.48. The stock has a market capitalization of $36.75 billion, a P/E ratio of -49.78, a price-to-earnings-growth ratio of 1.08 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director owned 5,947 shares in the company, valued at $209,810.16. This represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the firm’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider directly owned 504,381 shares of the company’s stock, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank grew its position in DraftKings by 1.1% during the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company’s stock valued at $1,113,000 after buying an additional 327 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of DraftKings during the 4th quarter worth about $2,924,000. Metis Global Partners LLC boosted its stake in shares of DraftKings by 9.0% during the 4th quarter. Metis Global Partners LLC now owns 5,926 shares of the company’s stock worth $220,000 after acquiring an additional 489 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of DraftKings by 36.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,678 shares of the company’s stock valued at $62,000 after acquiring an additional 445 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in shares of DraftKings by 97.0% in the 4th quarter. Jones Financial Companies Lllp now owns 28,148 shares of the company’s stock valued at $1,047,000 after purchasing an additional 13,862 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.