DraftKings (NASDAQ:DKNG) Sets New 12-Month High After Analyst Upgrade

DraftKings Inc. (NASDAQ:DKNG) reached a new 52-week high on Friday after Benchmark raised their price target on the stock from $44.00 to $51.00. Benchmark currently has a buy rating on the stock. DraftKings traded as high as $51.90 and last traded at $53.15, with a volume of 11298235 shares changing hands. The stock had previously closed at $46.45.

DKNG has been the subject of a number of other reports. JMP Securities restated a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday. Macquarie raised their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company upped their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Mizuho increased their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $51.58.

Insider Buying and Selling at DraftKings

In other DraftKings news, 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 sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,163,742 shares of company stock worth $47,082,888 over the last quarter. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning raised 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 valued at $2,520,000 after acquiring an additional 11,511 shares in the last quarter. Vontobel Holding Ltd. raised its position in DraftKings by 59.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 58,708 shares of the company’s stock valued at $2,301,000 after purchasing an additional 21,855 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of DraftKings in the 3rd quarter worth $297,000. Global Retirement Partners LLC grew its position in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after buying an additional 273 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its stake in shares of DraftKings by 3.7% during the third quarter. Bleakley Financial Group LLC now owns 28,023 shares of the company’s stock valued at $1,098,000 after buying an additional 996 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

The firm has a fifty day moving average of $40.36 and a two-hundred day moving average of $38.62. The stock has a market capitalization of $26.08 billion, a P/E ratio of -60.78, 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.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results 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 9.06% and a negative return on equity of 41.23%. On average, analysts predict that DraftKings Inc. will post -0.95 EPS for the current year.

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.