DraftKings (NASDAQ:DKNG) Stock Price Expected to Rise, Macquarie Analyst Says

DraftKings (NASDAQ:DKNG) had its price target boosted by Macquarie from $50.00 to $51.00 in a research note published on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts also recently commented on the stock. Oppenheimer reduced their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday. Morgan Stanley upped their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, UBS Group increased their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.48.

DraftKings Stock Performance

NASDAQ DKNG traded down $0.50 on Monday, hitting $42.71. 2,035,831 shares of the company traded hands, compared to its average volume of 10,356,974. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a market capitalization of $37.52 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The business’s 50 day moving average price is $37.83 and its 200-day moving average price is $37.92. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Equities analysts expect that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock valued at $39,966,465 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. LRI Investments LLC bought a new position in DraftKings in the first quarter worth about $31,000. Alta Advisers Ltd bought a new stake in shares of DraftKings in the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings during the 2nd quarter valued at approximately $39,000. St. Johns Investment Management Company LLC acquired a new stake in DraftKings in the second quarter worth $46,000. Finally, V Square Quantitative Management LLC bought a new stake in DraftKings in the third quarter valued at $46,000. 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.