DraftKings (NASDAQ:DKNG) Price Target Raised to $51.00

DraftKings (NASDAQ:DKNG) had its price objective raised by Benchmark from $44.00 to $51.00 in a report published on Monday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other equities analysts also recently commented on DKNG. JMP Securities reiterated a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Piper Sandler reissued an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. BTIG Research set a $59.00 target price on DraftKings in a report on Monday, February 3rd. Morgan Stanley lifted their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Macquarie upped 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. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Trading Down 0.1 %

Shares of DraftKings stock opened at $38.63 on Monday. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of -36.44, a PEG ratio of 1.43 and a beta of 2.07. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The firm’s 50 day simple moving average is $42.12 and its two-hundred day simple moving average is $40.09. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last released 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 48.13% and a negative net margin of 10.64%. Analysts predict that DraftKings will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares of the company’s stock, valued at $67,704. This represents a 67.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,558,412 shares of company stock worth $108,506,588. 51.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in DraftKings during the 4th quarter valued at about $25,000. Stonebridge Financial Group LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings in the 4th quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings in the 4th quarter valued at approximately $30,000. Finally, Synergy Investment Management LLC bought a new stake in DraftKings during the 4th quarter valued at $37,000. 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.