DraftKings (NASDAQ:DKNG) Price Target Raised to $58.00

by · The Cerbat Gem

DraftKings (NASDAQ:DKNG – Free Report) had its price objective lifted by Citigroup from $55.00 to $58.00 in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. JMP Securities reduced their target price on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a research note on Thursday, June 5th. Benchmark raised their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. BTIG Research decreased their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Northland Securities set a $50.00 price objective on DraftKings in a research report on Friday, April 25th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of DraftKings in a research report on Friday, June 13th. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.90.

View Our Latest Analysis on DraftKings

DraftKings Price Performance

Shares of DraftKings stock opened at $40.68 on Tuesday. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $36.17 billion, a PE ratio of -49.01, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. The firm has a fifty day moving average price of $37.02 and a two-hundred day moving average price of $38.49. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. The trade was a 4.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the firm’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the sale, the insider owned 504,381 shares of the company’s stock, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock valued at $19,748,622 in the last 90 days. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in DKNG. Vestmark Advisory Solutions Inc. boosted its position in DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after buying an additional 26,164 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock valued at $90,558,000 after acquiring an additional 434,525 shares during the period. Kentucky Retirement Systems acquired a new position in shares of DraftKings during the first quarter valued at $1,026,000. Scholtz & Company LLC bought a new position in DraftKings in the fourth quarter valued at about $1,806,000. Finally, Whale Rock Capital Management LLC increased its position in DraftKings by 9.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company’s stock worth $184,954,000 after purchasing an additional 416,881 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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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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