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

DraftKings (NASDAQ:DKNG) had its target price hoisted by TD Cowen from $50.00 to $55.00 in a research note issued to investors on Tuesday morning,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other analysts have also issued research reports about the company. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Morgan Stanley boosted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group lowered their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Bank of America dropped their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

DraftKings Stock Down 3.2 %

Shares of NASDAQ:DKNG opened at $39.84 on Tuesday. The firm has a market capitalization of $35.00 billion, a PE ratio of -45.27 and a beta of 1.82. The business has a 50 day simple moving average of $38.35 and a two-hundred day simple moving average of $37.94. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, equities analysts predict that DraftKings will post -0.73 EPS for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The trade was a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in DKNG. LRI Investments LLC acquired a new stake in DraftKings in the 1st quarter valued at approximately $31,000. Alta Advisers Ltd bought a new stake in shares of DraftKings in the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the second quarter valued at $39,000. Delos Wealth Advisors LLC bought a new position in DraftKings during the third quarter valued at about $43,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings during the third quarter worth about $46,000. 37.70% of the stock is currently owned by 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.