DraftKings (NASDAQ:DKNG) Price Target Raised to $60.00 at Canaccord Genuity Group

DraftKings (NASDAQ:DKNG) had its price objective increased by equities research analysts at Canaccord Genuity Group from $54.00 to $60.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 20.43% from the stock’s previous close.

DKNG has been the topic of a number of other research reports. Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Susquehanna reduced their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company upped their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Macquarie upped their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

DraftKings Stock Up 9.6 %

Shares of NASDAQ:DKNG opened at $49.82 on Friday. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a market cap of $24.30 billion, a PE ratio of -55.03, a P/E/G ratio of 3.18 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock’s 50-day moving average is $40.36 and its 200 day moving average is $38.62.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Sell-side analysts anticipate that DraftKings will post -0.95 EPS for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock worth $38,082,888 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Norges Bank purchased a new stake in DraftKings in the 4th quarter worth $276,328,000. FMR LLC grew its position in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. purchased a new position in shares of DraftKings during the fourth quarter valued at about $246,765,000. Contrarius Group Holdings Ltd purchased a new position in shares of DraftKings during the fourth quarter valued at about $58,397,000. Finally, Fred Alger Management LLC grew 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 valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. 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.