DraftKings (NASDAQ:DKNG) Given New $51.00 Price Target at Macquarie

DraftKings (NASDAQ:DKNG) had its price target increased by Macquarie from $50.00 to $51.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on DKNG. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th. Morgan Stanley increased their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Bank of America dropped 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. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. Finally, The Goldman Sachs Group dropped their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.64.

DraftKings Stock Performance

DraftKings stock opened at $41.14 on Monday. The stock has a market cap of $36.14 billion, a price-to-earnings ratio of -46.75 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $38.15 and a 200-day simple moving average of $37.94. DraftKings has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, analysts expect that DraftKings will post -0.41 EPS for the current year.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This trade represents a 3.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after acquiring an additional 747,937 shares during the period. Marshall Wace LLP boosted its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. FMR LLC grew its holdings in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after buying an additional 441,975 shares in the last quarter. Finally, Fred Alger Management LLC raised its stake in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the last quarter. 37.70% of the stock is 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.