Morgan Stanley Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price boosted by Morgan Stanley from $49.00 to $53.00 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also issued reports on DKNG. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Truist Financial increased their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Wells Fargo & Company lifted their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, Susquehanna decreased their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Down 2.9 %

Shares of DKNG opened at $44.27 on Monday. The firm’s 50-day simple moving average is $41.52 and its 200 day simple moving average is $39.50. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $21.69 billion, a P/E ratio of -41.76, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its 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 48.13% and a negative net margin of 10.64%. On average, analysts forecast that DraftKings will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, 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 sale, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,748,176 shares of company stock worth $74,591,032. Insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp lifted its stake in shares of DraftKings by 2,423.0% during the 4th quarter. Mackenzie Financial Corp now owns 321,456 shares of the company’s stock valued at $11,958,000 after buying an additional 308,715 shares in the last quarter. Toronto Dominion Bank boosted its holdings in shares of DraftKings by 44.6% in the fourth quarter. Toronto Dominion Bank now owns 99,784 shares of the company’s stock worth $3,712,000 after acquiring an additional 30,779 shares during the period. Warm Springs Advisors Inc. purchased a new position in shares of DraftKings in the fourth quarter valued at $1,860,000. Highview Capital Management LLC DE grew its position in shares of DraftKings by 1.4% in the fourth quarter. Highview Capital Management LLC DE now owns 42,474 shares of the company’s stock valued at $1,580,000 after purchasing an additional 580 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $1,584,000. 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.