DraftKings (NASDAQ:DKNG) Price Target Raised to $62.00

DraftKings (NASDAQ:DKNG) had its price target increased by Mizuho from $54.00 to $62.00 in a report issued on Friday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the stock.

DKNG has been the subject of several other reports. UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research report on Tuesday, September 10th. Guggenheim reduced their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $48.00 price target (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.19.

DraftKings Trading Up 2.2 %

Shares of NASDAQ:DKNG opened at $38.46 on Friday. The company has a 50 day moving average of $36.78 and a 200-day moving average of $38.60. The firm has a market cap of $33.43 billion, a P/E ratio of -32.59 and a beta of 1.81. DraftKings has a twelve month low of $25.73 and a twelve month high of $49.57. 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 results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted ($0.17) EPS. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,132,095 shares of company stock valued at $42,890,328. Company insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Hedge funds have recently bought and sold shares of the stock. RDA Financial Network bought a new stake in DraftKings in the 1st quarter valued at $232,000. Sanctuary Advisors LLC bought a new stake in DraftKings in the 2nd quarter valued at $1,530,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in DraftKings by 63.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after purchasing an additional 31,880 shares during the period. LRI Investments LLC bought a new stake in DraftKings in the 1st quarter valued at $31,000. Finally, Atwood & Palmer Inc. boosted its holdings in DraftKings by 4.0% in the 3rd quarter. Atwood & Palmer Inc. now owns 515,075 shares of the company’s stock valued at $20,191,000 after purchasing an additional 19,887 shares during the period. 37.70% of the stock is 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.