DraftKings (NASDAQ:DKNG) Price Target Raised to $51.00

DraftKings (NASDAQ:DKNG) had its price target raised by analysts at Benchmark from $44.00 to $51.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target points to a potential upside of 37.83% from the stock’s previous close.

A number of other research firms have also weighed in on DKNG. Piper Sandler restated an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Morgan Stanley raised their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company upped their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Finally, TD Cowen cut their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Down 6.1 %

NASDAQ DKNG traded down $2.41 during mid-day trading on Monday, hitting $37.00. The company’s stock had a trading volume of 2,606,993 shares, compared to its average volume of 9,559,393. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of -34.68, a PEG ratio of 1.43 and a beta of 2.07. The company’s 50 day simple moving average is $42.06 and its 200 day simple moving average is $40.07. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 10.64% and a negative return on equity of 48.13%. Analysts anticipate that DraftKings will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,554,992 shares of company stock valued at $108,362,948. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Raiffeisen Bank International AG bought a new stake in DraftKings during the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings during the 4th quarter valued at $28,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the 4th quarter worth $28,000. Synergy Asset Management LLC purchased a new position in DraftKings in the fourth quarter worth $30,000. Finally, Synergy Investment Management LLC bought a new position in DraftKings in the fourth quarter valued at $37,000. 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.