DraftKings (NASDAQ:DKNG) Given “Overweight” Rating at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Tuesday,Benzinga reports. Piper Sandler currently has a $60.00 price target on the stock, up from their prior price target of $48.00.

A number of other equities analysts also recently issued reports on DKNG. Wells Fargo & Company upped their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday. Canaccord Genuity Group increased their price objective on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Truist Financial increased their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley upped their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $53.69.

DraftKings Stock Performance

DKNG opened at $51.49 on Tuesday. 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 firm has a market capitalization of $25.11 billion, a PE ratio of -58.51, a P/E/G ratio of 3.18 and a beta of 1.93. The firm has a 50 day moving average of $40.96 and a two-hundred day moving average of $39.03. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last released 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%. On average, analysts anticipate that DraftKings will post -0.95 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred 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 transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred 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 transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,163,742 shares of company stock worth $47,082,888. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. Mizuho Securities USA LLC acquired a new position in DraftKings during the 3rd quarter valued at approximately $28,028,000. Janney Montgomery Scott LLC boosted its position in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after purchasing an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its position in DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after purchasing an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after purchasing an additional 350,215 shares during the period. 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.