DraftKings (NASDAQ:DKNG) Price Target Raised to $60.00

DraftKings (NASDAQ:DKNG) had its price objective raised by Truist Financial from $50.00 to $60.00 in a report published on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on DKNG. Morgan Stanley lifted 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. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Barclays lifted their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, February 14th. Finally, Canaccord Genuity Group boosted their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note 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’s stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Trading Down 2.6 %

Shares of DKNG stock opened at $49.44 on Tuesday. The company has a market capitalization 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. The firm has a 50 day moving average price of $41.30 and a two-hundred day moving average price of $39.18. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results 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 return on equity of 47.48% and a negative net margin of 10.64%. As a group, analysts predict that DraftKings will post 0.46 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,160,591 shares of company stock worth $46,945,158. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Beacon Pointe Advisors LLC increased its position in shares of DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after buying an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV grew its holdings in DraftKings by 0.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after acquiring an additional 217 shares during the period. Pine Valley Investments Ltd Liability Co grew its holdings in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after acquiring an additional 249 shares during the period. Claro Advisors LLC grew its holdings in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares during the period. Finally, Allworth Financial LP grew its holdings in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares during the period. 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.