Sanford C. Bernstein assumed coverage on shares of DraftKings (NASDAQ:DKNG - Free Report) in a report released on Wednesday, Marketbeat reports. The brokerage issued an outperform rating and a $46.00 price objective on the stock.
DKNG has been the subject of a number of other reports. Bank of America decreased their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Northland Securities set a $50.00 target price on DraftKings in a research note on Friday, April 25th. TD Securities lowered their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Piper Sandler reaffirmed an "overweight" rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, TD Cowen reduced their price objective on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $54.41.
Read Our Latest Analysis on DraftKings
DraftKings Stock Performance
DKNG stock traded down $1.11 during midday trading on Wednesday, hitting $33.73. 10,640,923 shares of the company traded hands, compared to its average volume of 9,735,590. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market capitalization of $30.00 billion, a price-to-earnings ratio of -31.82, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The business has a 50 day simple moving average of $34.51 and a 200-day simple moving average of $38.97.
Insider Transactions at DraftKings
In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director now owns 5,947 shares of the company's stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the sale, the insider now owns 682,764 shares in the company, valued at $26,593,657.80. The trade was a 48.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,127,504 shares of company stock valued at $42,687,810. Corporate insiders own 51.19% of the company's stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. Vestmark Advisory Solutions Inc. increased 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 acquiring an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $874,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after purchasing an additional 6,059 shares in the last quarter. Scholtz & Company LLC bought a new position in DraftKings in the 4th quarter worth approximately $1,806,000. Finally, Whale Rock Capital Management LLC lifted its holdings in DraftKings by 9.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after buying an additional 416,881 shares in the last quarter. 37.70% of the stock is owned by institutional investors.
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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