DraftKings (NASDAQ:DKNG) PT Raised to $50.00

DraftKings (NASDAQ:DKNG) had its target price hoisted by equities research analysts at Susquehanna from $48.00 to $50.00 in a report issued on Monday, Marketbeat reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price target would suggest a potential upside of 33.33% from the company’s current price.

DKNG has been the subject of several other research reports. Benchmark boosted their price objective on DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Morgan Stanley reiterated an “overweight” rating and set a $47.00 target price on shares of DraftKings in a research report on Wednesday, September 11th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a report on Tuesday, September 10th. Oppenheimer dropped their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Finally, Barclays upped their target price on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $49.89.

DraftKings Trading Down 0.8 %

Shares of DraftKings stock opened at $37.50 on Monday. The stock has a fifty day moving average price of $35.84 and a 200-day moving average price of $39.11. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $32.60 billion, a PE ratio of -31.78 and a beta of 1.81. DraftKings has a 1 year low of $25.73 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.17) earnings per share. Equities research analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was 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 directly owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction 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 transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,195,301 shares of company stock valued at $45,355,362 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in DraftKings during the 1st quarter worth approximately $31,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the fourth quarter worth $26,000. Concord Wealth Partners raised its stake in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in DraftKings by 117.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the period. Finally, Alta Advisers Ltd acquired a new position in DraftKings during the 2nd quarter worth $38,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

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.