DraftKings (NASDAQ:DKNG) Price Target Raised to $61.00

DraftKings (NASDAQ:DKNG) had its target price boosted by JPMorgan Chase & Co. from $53.00 to $61.00 in a report published on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus increased 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. Macquarie increased their price target 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 price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Canaccord Genuity Group upped their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $53.69.

DraftKings Trading Down 2.6 %

NASDAQ:DKNG opened at $49.44 on Tuesday. The stock has a market cap of $24.22 billion, a PE ratio of -46.64, a price-to-earnings-growth ratio of 2.06 and a beta of 1.93. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock’s 50-day moving average is $41.30 and its two-hundred day moving average is $39.18.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. As a group, equities research analysts forecast that DraftKings will post 0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,160,591 shares of company stock valued at $46,945,158 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors and hedge funds have recently made changes to their positions in DKNG. Janus Henderson Group PLC lifted its holdings in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Norges Bank bought a new stake in DraftKings during the fourth quarter worth about $276,328,000. FMR LLC increased its holdings in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after buying an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. bought a new position in shares of DraftKings in the fourth quarter valued at approximately $246,765,000. Finally, Eminence Capital LP bought a new position in shares of DraftKings in the fourth quarter valued at approximately $65,255,000. 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.