DraftKings (NASDAQ:DKNG) Price Target Raised to $55.00

DraftKings (NASDAQ:DKNG) had its price target hoisted by Truist Financial from $50.00 to $55.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Guggenheim lowered their price target on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Susquehanna boosted their target price on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a report on Monday, May 12th. BMO Capital Markets reissued an “outperform” rating and set a $65.00 target price on shares of DraftKings in a report on Thursday, April 24th. Morgan Stanley reissued an “overweight” rating and set a $52.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Finally, Northland Securities set a $50.00 target price on shares of DraftKings in a report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.10.

DraftKings Trading Down 0.5%

NASDAQ:DKNG opened at $43.72 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The stock has a market capitalization of $38.88 billion, a PE ratio of -52.67, a price-to-earnings-growth ratio of 1.39 and a beta of 1.67. The firm’s 50 day moving average is $38.97 and its 200 day moving average is $38.82. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 3,136 shares of the company’s 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 completion of the transaction, the director directly owned 5,947 shares in the company, valued at approximately $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the transaction, the insider owned 4,155,130 shares of the company’s stock, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock valued at $19,748,622 over the last ninety days. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after purchasing an additional 130,434 shares during the last quarter. FMR LLC lifted its stake in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC lifted its stake in DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Finally, Baillie Gifford & Co. lifted its stake in DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after purchasing an additional 1,756,778 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.