DraftKings (NASDAQ:DKNG) Given New $52.00 Price Target at Wells Fargo & Company

by · The Cerbat Gem

DraftKings (NASDAQ:DKNG – Free Report) had its price objective boosted by Wells Fargo & Company from $47.00 to $52.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently issued reports on DKNG. JPMorgan Chase & Co. upped their price objective on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. Susquehanna upped their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. UBS Group increased their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Monday, September 23rd. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $50.19.

Get Our Latest Stock Report on DKNG

DraftKings Price Performance

DraftKings stock opened at $37.65 on Thursday. The business has a 50-day simple moving average of $36.62 and a 200 day simple moving average of $38.73. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $32.73 billion, a price-to-earnings ratio of -31.91 and a beta of 1.81.

DraftKings (NASDAQ:DKNG – Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the business earned ($0.17) EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, research analysts forecast that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,132,095 shares of company stock valued at $42,890,328. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Winthrop Advisory Group LLC increased its position in DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares in the last quarter. Global Retirement Partners LLC increased its position in DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares in the last quarter. Hexagon Capital Partners LLC increased its position in DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares in the last quarter. Sfmg LLC increased its position in DraftKings by 3.9% during the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares in the last quarter. Finally, Brown Lisle Cummings Inc. increased its position in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

(Get Free Report)

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.

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