DraftKings (NASDAQ:DKNG) PT Raised to $35.00

DraftKings (NASDAQ:DKNG) had its price objective upped by analysts at Deutsche Bank Aktiengesellschaft from $34.00 to $35.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential downside of 19.17% from the company’s current price.

A number of other equities research analysts have also commented on DKNG. Wells Fargo & Company increased their price objective on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Mizuho began coverage on shares of DraftKings in a report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price target for the company. BNP Paribas downgraded DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a report on Friday, January 19th. Bank Of America (Bofa) lifted their target price on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Finally, Moffett Nathanson raised their price target on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.07.

DraftKings Price Performance

Shares of DraftKings stock opened at $43.30 on Monday. DraftKings has a 1-year low of $22.65 and a 1-year high of $49.57. The firm’s 50-day moving average price is $43.66 and its two-hundred day moving average price is $39.03. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $37.53 billion, a price-to-earnings ratio of -36.69 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The firm’s revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.87) earnings per share. On average, equities analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,086,101 shares of company stock worth $45,903,509. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. increased its holdings in DraftKings by 8.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock worth $2,624,000 after buying an additional 6,965 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of DraftKings by 178.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company’s stock valued at $1,414,000 after purchasing an additional 30,802 shares during the period. Bank of New York Mellon Corp lifted its stake in DraftKings by 7.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company’s stock valued at $36,978,000 after purchasing an additional 90,004 shares during the last quarter. Brown Advisory Inc. bought a new position in DraftKings during the third quarter worth about $209,000. Finally, Forsta AP Fonden acquired a new position in DraftKings during the third quarter worth approximately $2,703,000. 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.