Morgan Stanley Forecasts Strong Price Appreciation for DraftKings (NASDAQ:DKNG) Stock

DraftKings (NASDAQ:DKNG - Free Report) had its target price hoisted by Morgan Stanley from $51.00 to $52.00 in a report issued on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

DKNG has been the subject of a number of other reports. Jefferies Financial Group decreased their price target on DraftKings from $60.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, July 3rd. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research note on Friday. JMP Securities lowered their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a report on Thursday, June 5th. Northland Securities set a $50.00 price target on DraftKings in a report on Friday, April 25th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and an average price target of $53.93.

DraftKings Trading Down 3.6%

Shares of DKNG traded down $1.59 during trading hours on Friday, hitting $42.98. 7,198,233 shares of the stock were exchanged, compared to its average volume of 9,728,758. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The business has a 50-day moving average of $38.08 and a 200-day moving average of $38.61. The firm has a market capitalization of $38.22 billion, a P/E ratio of -51.78, a price-to-earnings-growth ratio of 1.39 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the sale, the insider directly owned 4,155,130 shares of the company's stock, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 536,627 shares of company stock worth $19,748,622. Company insiders own 51.19% of the company's stock.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the company. Beacon Pointe Advisors LLC grew its position in shares of DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after purchasing an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after buying an additional 217 shares during the period. Brooklyn Investment Group grew its position in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock worth $132,000 after buying an additional 270 shares in the last quarter. Farther Finance Advisors LLC increased its stake in DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company's stock worth $146,000 after acquiring an additional 286 shares during the last quarter. Finally, Snowden Capital Advisors LLC increased its stake in DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after acquiring an additional 296 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

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.