Truist Financial Increases DraftKings (NASDAQ:DKNG) Price Target to $60.00

DraftKings (NASDAQ:DKNG) had its price target boosted by equities research analysts at Truist Financial from $50.00 to $60.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 12.17% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley lifted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.40.

DraftKings Stock Up 15.2 %

DraftKings stock opened at $53.49 on Tuesday. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $26.08 billion, a PE ratio of -60.78, a P/E/G ratio of 3.18 and a beta of 1.93. The firm’s 50 day moving average price is $40.76 and its two-hundred day moving average price is $38.89.

DraftKings (NASDAQ:DKNG) last posted 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%. On average, research analysts predict that DraftKings will post -0.95 EPS for the current fiscal year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,163,742 shares of company stock worth $47,082,888. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently bought and sold shares of the business. Creative Planning grew its stake in shares of DraftKings by 21.8% during the third quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after purchasing an additional 11,511 shares during the period. Blue Trust Inc. grew its holdings in shares of DraftKings by 94.0% in the 3rd quarter. Blue Trust Inc. now owns 10,104 shares of the company’s stock valued at $386,000 after buying an additional 4,897 shares during the period. Foundations Investment Advisors LLC increased its position in shares of DraftKings by 14.0% in the 3rd quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock valued at $1,555,000 after buying an additional 4,870 shares in the last quarter. Signaturefd LLC raised its stake in DraftKings by 9.0% during the 3rd quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock worth $220,000 after buying an additional 464 shares during the period. Finally, Eastern Bank bought a new position in DraftKings during the third quarter worth about $59,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.