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

DraftKings (NASDAQ:DKNG) had its price target increased by stock analysts at Canaccord Genuity Group from $54.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 12.17% from the company’s previous close.

DKNG has been the topic of several other research reports. JPMorgan Chase & Co. lifted their target price on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Susquehanna lowered their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Friday. 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.64.

DraftKings Price Performance

Shares of DraftKings stock opened at $53.49 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average price is $40.54 and its two-hundred day moving average price is $38.73. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61. The stock has a market cap of $26.08 billion, a PE ratio of -60.78, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

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

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares in the company, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at approximately $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 a total of 1,163,742 shares of company stock valued at $47,082,888 over the last 90 days. 51.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stonebridge Financial Group LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $37,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $43,000. Finally, Westpac Banking Corp acquired a new stake in DraftKings during the 4th quarter worth approximately $44,000. 37.70% of the stock is currently owned by institutional investors.

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.