DraftKings’ (DKNG) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Tuesday morning,Benzinga reports. They currently have a $60.00 price target on the stock, up from their prior price target of $48.00.

A number of other brokerages also recently issued reports on DKNG. Wells Fargo & Company upped their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday. JMP Securities reiterated a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Stifel Nicolaus boosted their price objective on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Truist Financial upped their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Stock Performance

NASDAQ:DKNG opened at $49.44 on Tuesday. The company has a market capitalization of $24.22 billion, a PE ratio of -46.64, a P/E/G ratio of 2.06 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a 50 day simple moving average of $41.30 and a two-hundred day simple moving average of $39.18.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. Research analysts anticipate that DraftKings will post 0.46 earnings per share for the current year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,160,591 shares of company stock valued at $46,945,158 over the last ninety days. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning increased its stake in shares of DraftKings by 21.8% during the third quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after purchasing an additional 11,511 shares in the last quarter. Blue Trust Inc. boosted its position in shares of DraftKings by 94.0% during the 3rd quarter. Blue Trust Inc. now owns 10,104 shares of the company’s stock valued at $386,000 after acquiring an additional 4,897 shares during the last quarter. Foundations Investment Advisors LLC raised its position in shares of DraftKings by 14.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock valued at $1,555,000 after buying an additional 4,870 shares during the period. Signaturefd LLC lifted its stake in shares of DraftKings by 9.0% in the 3rd quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock valued at $220,000 after purchasing an additional 464 shares during the last quarter. Finally, Eastern Bank purchased a new stake in DraftKings in the 3rd quarter valued at about $59,000. Hedge funds and other institutional investors 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.