Draftkings (NASDAQ:DKNG) Price Target Increased to $55.00 by Analysts at Oppenheimer

Draftkings (NASDAQ:DKNG) had its price target raised by Oppenheimer from $50.00 to $55.00 in a research note issued to investors on Tuesday, The Fly reports. Oppenheimer also issued estimates for Draftkings’ Q1 2021 earnings at ($0.30) EPS, Q2 2021 earnings at ($0.27) EPS, Q4 2021 earnings at ($0.31) EPS, Q1 2022 earnings at ($0.31) EPS and Q2 2022 earnings at ($0.27) EPS.

A number of other research analysts also recently commented on the company. Truist began coverage on Draftkings in a research note on Wednesday, September 2nd. They issued a hold rating and a $39.00 target price on the stock. Canaccord Genuity reissued a buy rating on shares of Draftkings in a research note on Monday, August 17th. Craig Hallum restated a buy rating on shares of Draftkings in a report on Friday, June 12th. Goldman Sachs Group lifted their target price on shares of Draftkings from $32.00 to $34.00 and gave the company a neutral rating in a research note on Wednesday, June 24th. Finally, Zacks Investment Research lowered shares of Draftkings from a hold rating to a sell rating in a research note on Friday, August 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Draftkings presently has a consensus rating of Buy and a consensus target price of $47.76.

Shares of DKNG stock traded up $3.78 during trading on Tuesday, hitting $51.99. 495,267 shares of the company were exchanged, compared to its average volume of 8,887,649. The business’s 50-day moving average is $36.27. Draftkings has a twelve month low of $9.84 and a twelve month high of $49.88.

Draftkings (NASDAQ:DKNG) last issued its earnings results on Friday, August 14th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.40). On average, analysts predict that Draftkings will post -1.24 EPS for the current fiscal year.

In other news, insider Jason Robins sold 548,862 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $38.80, for a total value of $21,295,845.60. Following the sale, the insider now owns 758,050 shares in the company, valued at $29,412,340. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Jason Park sold 76,128 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $38.80, for a total transaction of $2,953,766.40. Following the transaction, the chief financial officer now directly owns 14,497 shares in the company, valued at approximately $562,483.60. The disclosure for this sale can be found here. Insiders sold 1,471,338 shares of company stock worth $57,087,914 over the last quarter.

Several institutional investors and hedge funds have recently made changes to their positions in DKNG. Schonfeld Strategic Advisors LLC acquired a new stake in Draftkings during the second quarter worth about $4,298,000. Two Sigma Securities LLC acquired a new position in Draftkings during the second quarter worth $340,000. PNC Financial Services Group Inc. acquired a new stake in shares of Draftkings during the 2nd quarter worth about $658,000. Neuberger Berman Group LLC acquired a new stake in shares of Draftkings during the second quarter worth approximately $34,365,000. Finally, AdvisorNet Financial Inc bought a new position in shares of Draftkings in the second quarter valued at approximately $128,000. 51.47% of the stock is owned by institutional investors and hedge funds.

About Draftkings

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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The Fly

Analyst Recommendations for Draftkings (NASDAQ:DKNG)

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