DraftKings (NASDAQ:DKNG) PT Raised to $35.00

DraftKings (NASDAQ:DKNG - Free Report) had its price objective lifted by Deutsche Bank Aktiengesellschaft from $34.00 to $35.00 in a report published on Monday, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock.

Other research analysts have also recently issued reports about the stock. Piper Sandler boosted their target price on shares of DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research note on Tuesday, February 13th. BMO Capital Markets upped their price objective on DraftKings from $51.00 to $54.00 and gave the company an outperform rating in a research note on Monday. JMP Securities reissued a market outperform rating and issued a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Wells Fargo & Company upped their price target on DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a research report on Tuesday, February 20th. Finally, UBS Group increased their price target on DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $49.07.

DraftKings Stock Up 5.4 %

NASDAQ DKNG traded up $2.25 on Monday, reaching $44.07. The company had a trading volume of 14,633,921 shares, compared to its average volume of 11,762,487. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The company's fifty day moving average is $43.66 and its 200 day moving average is $39.03. DraftKings has a 52-week low of $22.65 and a 52-week high of $49.57. The stock has a market capitalization of $38.19 billion, a P/E ratio of -37.35 and a beta of 1.87.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the business earned ($0.87) earnings per share. The firm's revenue for the quarter was up 52.7% on a year-over-year basis. Sell-side analysts anticipate that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the firm's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company's stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the business's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company's stock, valued at $8,622,291.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,086,101 shares of company stock worth $45,903,509. 48.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Large investors have recently bought and sold shares of the stock. Highlander Capital Management LLC raised its holdings in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company's stock worth $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new position in DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. purchased a new stake in DraftKings in the fourth quarter worth about $29,000. LifeSteps Financial Inc. purchased a new stake in DraftKings in the first quarter worth about $33,000. Finally, Concord Wealth Partners boosted its position in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company's stock valued at $35,000 after acquiring an additional 453 shares in the last quarter. 37.70% of the stock is 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.