Mizuho Boosts DraftKings (NASDAQ:DKNG) Price Target to $45.00

DraftKings (NASDAQ:DKNG) had its price target lifted by Mizuho from $44.00 to $45.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target would suggest a potential upside of 83.60% from the company’s current price.

Several other brokerages have also weighed in on DKNG. The Goldman Sachs Group decreased their price objective on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Barclays lifted their price objective on shares of DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday. Sanford C. Bernstein reissued an “outperform” rating and set a $30.00 target price on shares of DraftKings in a report on Thursday, March 5th. Truist Financial decreased their price target on DraftKings from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Finally, BMO Capital Markets boosted their price objective on DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. Twenty-seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.84.

DraftKings Trading Down 4.0%

Shares of DKNG stock opened at $24.51 on Tuesday. The firm’s 50-day simple moving average is $23.63 and its 200-day simple moving average is $28.36. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. DraftKings has a 1-year low of $20.46 and a 1-year high of $48.78. The firm has a market cap of $12.15 billion, a P/E ratio of 408.50, a PEG ratio of 1.20 and a beta of 1.67.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 12.71% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. As a group, equities analysts forecast that DraftKings will post 0.56 EPS for the current year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 2,150 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director owned 1,406 shares of the company’s stock, valued at $35,993.60. This trade represents a 60.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the transaction, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 496,718 shares of company stock valued at $12,477,308 over the last three months. 47.18% of the stock is owned by company insiders.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Nordea Investment Management AB grew its position in shares of DraftKings by 1,996.2% in the 3rd quarter. Nordea Investment Management AB now owns 421,127 shares of the company’s stock valued at $16,205,000 after purchasing an additional 401,037 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of DraftKings by 1.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock worth $279,494,000 after acquiring an additional 79,152 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Citigroup Inc. boosted its stake in DraftKings by 40.6% in the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock worth $72,547,000 after purchasing an additional 560,139 shares during the period. Finally, Bedell Frazier Investment Counselling LLC bought a new position in DraftKings during the 3rd quarter worth about $4,492,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.