BNP Paribas Upgrades DraftKings (NASDAQ:DKNG) to Neutral

DraftKings (NASDAQ:DKNG) was upgraded by BNP Paribas from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage currently has a $35.00 price target on the stock. BNP Paribas’ price target suggests a potential downside of 3.07% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Benchmark increased their price objective on DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. The Goldman Sachs Group cut their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Wells Fargo & Company lowered their target price on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Morgan Stanley dropped their target price on shares of DraftKings from $51.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. 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 MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.78.

DraftKings Trading Up 2.8 %

Shares of DraftKings stock opened at $36.11 on Tuesday. The firm has a market cap of $31.39 billion, a price-to-earnings ratio of -30.60 and a beta of 1.80. DraftKings has a 52-week low of $25.73 and a 52-week high of $49.57. The company’s 50-day simple moving average is $35.22 and its 200-day simple moving average is $39.68. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) EPS. As a group, equities research analysts anticipate that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,470,537 shares of company stock worth $54,321,570. 51.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Winthrop Advisory Group LLC raised its stake in shares of DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after acquiring an additional 244 shares during the period. ST Germain D J Co. Inc. lifted its stake in shares of DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after purchasing an additional 250 shares in the last quarter. Hexagon Capital Partners LLC boosted its position 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 worth $63,000 after buying an additional 286 shares during the period. Sfmg LLC grew its stake in shares of DraftKings by 3.9% in the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.