DraftKings (NASDAQ:DKNG) PT Raised to $62.00

DraftKings (NASDAQ:DKNG) had its price objective increased by stock analysts at Mizuho from $54.00 to $62.00 in a research note issued to investors on Friday, MarketBeat.com reports. The firm presently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 61.21% from the company’s previous close.

Several other equities analysts have also recently issued reports on DKNG. Bank of America decreased their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. JPMorgan Chase & Co. raised their price objective on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Susquehanna boosted their target price on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. Finally, Truist Financial reissued a “buy” rating and set a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $50.19.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $38.46 on Friday. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The business’s 50 day moving average price is $36.78 and its 200 day moving average price is $38.64. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market cap of $33.43 billion, a P/E ratio of -32.59 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.17) earnings per share. On average, sell-side analysts expect that DraftKings will post -0.31 earnings per share for the current year.

Insider Activity

In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred 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 owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,132,095 shares of company stock worth $42,890,328 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. RDA Financial Network acquired a new stake in shares of DraftKings during the 1st quarter worth about $232,000. Sanctuary Advisors LLC purchased a new position in DraftKings during the second quarter worth about $1,530,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after acquiring an additional 31,880 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $31,000. Finally, Atwood & Palmer Inc. lifted its holdings in shares of DraftKings by 4.0% in the 3rd quarter. Atwood & Palmer Inc. now owns 515,075 shares of the company’s stock worth $20,191,000 after acquiring an additional 19,887 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.