DraftKings (NASDAQ:DKNG) PT Raised to $48.00

DraftKings (NASDAQ:DKNG) had its price target raised by equities researchers at Morgan Stanley from $47.00 to $48.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 26.88% from the company’s previous close.

A number of other brokerages also recently issued reports on DKNG. Macquarie restated an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Monday, August 26th. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. UBS Group boosted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Barclays increased their target price on shares of DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Price Performance

Shares of DKNG stock traded up $0.67 on Tuesday, reaching $37.83. The company’s stock had a trading volume of 3,447,021 shares, compared to its average volume of 10,364,462. The stock’s fifty day simple moving average is $36.93 and its 200-day simple moving average is $38.54. DraftKings has a 1 year low of $25.73 and a 1 year high of $49.57. The company has a market capitalization of $32.88 billion, a price-to-earnings ratio of -32.06 and a beta of 1.81. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the company posted ($0.17) EPS. Analysts forecast that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 in the company, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,132,095 shares of company stock valued at $42,890,328. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the company. Eastern Bank purchased a new stake in shares of DraftKings during the 3rd quarter valued at $59,000. Signaturefd LLC boosted its holdings in DraftKings by 9.0% in the third quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock worth $220,000 after acquiring an additional 464 shares in the last quarter. Foundations Investment Advisors LLC grew its stake in shares of DraftKings by 14.0% during the third quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock worth $1,555,000 after acquiring an additional 4,870 shares during the last quarter. Venture Visionary Partners LLC raised its position in shares of DraftKings by 159.1% in the 3rd quarter. Venture Visionary Partners LLC now owns 110,330 shares of the company’s stock valued at $4,325,000 after purchasing an additional 67,740 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of DraftKings by 14.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,400,331 shares of the company’s stock valued at $94,093,000 after purchasing an additional 298,365 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.