DraftKings (NASDAQ:DKNG) Price Target Raised to $53.00

DraftKings (NASDAQ:DKNG) had its price objective hoisted by Morgan Stanley from $49.00 to $53.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also issued reports on DKNG. Stifel Nicolaus upped their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Macquarie upped their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Stock Up 2.0 %

NASDAQ:DKNG opened at $43.36 on Monday. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market capitalization of $21.24 billion, a price-to-earnings ratio of -40.91, a PEG ratio of 1.43 and a beta of 1.93. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s fifty day moving average price is $41.64 and its 200 day moving average price is $39.61.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts forecast that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,573,488 shares of company stock worth $109,600,767. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Raiffeisen Bank International AG purchased a new position in DraftKings in the fourth quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings in the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC purchased a new position in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new position in DraftKings during the fourth quarter valued at $30,000. Finally, Synergy Investment Management LLC purchased a new stake in DraftKings in the fourth quarter worth $37,000. 37.70% of the stock is 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.