DraftKings (NASDAQ:DKNG) Now Covered by Mizuho

Stock analysts at Mizuho assumed coverage on shares of DraftKings (NASDAQ:DKNG) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $58.00 price target on the stock. Mizuho’s price target points to a potential upside of 27.89% from the company’s current price.

Other analysts also recently issued reports about the stock. Barclays upgraded shares of DraftKings from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $41.00 to $50.00 in a research report on Friday, February 23rd. JMP Securities reiterated a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a research report on Monday. BMO Capital Markets lifted their price objective on shares of DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Bank Of America (Bofa) lifted their price objective on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Finally, Truist Financial reiterated a “buy” rating and issued a $55.00 price objective (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $45.14.

DraftKings Trading Down 6.8 %

NASDAQ DKNG opened at $45.35 on Tuesday. DraftKings has a 12 month low of $17.42 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $39.30 billion, a price-to-earnings ratio of -25.91 and a beta of 1.87. The company’s fifty day moving average price is $42.27 and its two-hundred day moving average price is $36.21.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the business posted ($0.53) earnings per share. The company’s quarterly revenue was up 43.9% compared to the same quarter last year. As a group, research analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the sale, the insider now directly owns 3,815,698 shares in the company, valued at $144,309,698.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock valued at $65,685,509 over the last ninety days. Corporate insiders own 55.92% of the company’s stock.

Institutional Trading of DraftKings

Several institutional investors have recently made changes to their positions in DKNG. AJ Wealth Strategies LLC acquired a new stake in shares of DraftKings during the first quarter worth approximately $306,000. MetLife Investment Management LLC acquired a new stake in DraftKings in the first quarter valued at approximately $387,000. Panagora Asset Management Inc. lifted its stake in DraftKings by 49.0% in the first quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock valued at $584,000 after acquiring an additional 9,866 shares during the last quarter. Cibc World Market Inc. lifted its stake in DraftKings by 26.2% in the first quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock valued at $423,000 after acquiring an additional 4,512 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in DraftKings by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock valued at $963,000 after acquiring an additional 1,270 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.