Macquarie Forecasts Strong Price Appreciation for DraftKings (NASDAQ:DKNG) Stock

DraftKings (NASDAQ:DKNG) had its price target hoisted by stock analysts at Macquarie from $50.00 to $51.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s target price points to a potential upside of 22.27% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. UBS Group boosted their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Morgan Stanley increased their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, JMP Securities boosted their target price on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.64.

DraftKings Stock Performance

Shares of DKNG opened at $41.71 on Monday. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $36.64 billion, a price-to-earnings ratio of -48.18 and a beta of 1.82. The business has a 50-day simple moving average of $37.83 and a two-hundred day simple moving average of $37.92.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, analysts expect that DraftKings will post -0.31 EPS for the current year.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on 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 completion of the sale, 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 can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Several institutional investors and hedge funds have recently modified their holdings of DKNG. Global Retirement Partners LLC raised its position in DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the period. Brown Lisle Cummings Inc. grew its holdings in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after acquiring an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC raised its holdings in shares of DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after purchasing an additional 329 shares in the last quarter. Institutional investors 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.