DraftKings (NASDAQ:DKNG) Price Target Raised to $52.00 at Wells Fargo & Company

DraftKings (NASDAQ:DKNG) had its price objective lifted by Wells Fargo & Company from $47.00 to $52.00 in a research report report published on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also weighed in on the company. Truist Financial reiterated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. The Goldman Sachs Group reduced their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Bank of America reduced their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Guggenheim cut their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research note on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $50.19.

DraftKings Stock Up 2.2 %

DraftKings stock opened at $38.46 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $33.43 billion, a price-to-earnings ratio of -32.59 and a beta of 1.81. DraftKings has a 1-year low of $25.73 and a 1-year high of $49.57. The business has a fifty day moving average price of $36.78 and a 200-day moving average price of $38.60.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. Equities research analysts forecast that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction 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 directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,132,095 shares of company stock valued at $42,890,328 in the last quarter. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently bought and sold shares of the company. LRI Investments LLC acquired a new position in DraftKings during the 1st quarter worth about $31,000. Concord Wealth Partners lifted its stake in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in DraftKings by 117.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after acquiring an additional 498 shares in the last quarter. Alta Advisers Ltd acquired a new position in DraftKings during the 2nd quarter worth about $38,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in DraftKings in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds 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.