DraftKings (NASDAQ:DKNG) Price Target Raised to $55.00

DraftKings (NASDAQ:DKNG) had its price target increased by TD Cowen from $50.00 to $55.00 in a report issued on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

DKNG has been the subject of a number of other research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. The Goldman Sachs Group cut their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Mizuho lifted their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, UBS Group lifted their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.64.

DraftKings Stock Down 3.8 %

DKNG stock traded down $1.56 on Tuesday, reaching $39.58. 3,680,342 shares of the company traded hands, compared to its average volume of 10,349,477. The firm has a fifty day simple moving average of $38.26 and a 200-day simple moving average of $37.96. The company has a market cap of $34.77 billion, a P/E ratio of -46.75 and a beta of 1.82. DraftKings has a one year low of $28.69 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Research analysts anticipate that DraftKings will post -0.73 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This trade represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were 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 directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,020,536 shares of company stock valued at $39,966,465 in the last three months. 51.19% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Marshall Wace LLP lifted its position in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after purchasing an additional 1,493,995 shares during the last quarter. Fred Alger Management LLC lifted its position in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. Blue Whale Capital LLP bought a new stake in shares of DraftKings during the second quarter worth $39,306,000. Finally, Kodai Capital Management LP bought a new stake in shares of DraftKings during the first quarter worth $41,276,000. 37.70% of the stock is currently owned by institutional investors.

About DraftKings

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.