UBS Group Increases DraftKings (NASDAQ:DKNG) Price Target to $60.00

DraftKings (NASDAQ:DKNG - Get Free Report) had its price objective upped by stock analysts at UBS Group from $56.00 to $60.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's target price suggests a potential upside of 30.01% from the stock's previous close.

DKNG has been the topic of several other reports. Oppenheimer boosted their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Tuesday, February 20th. Benchmark lifted their target price on shares of DraftKings from $50.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, May 3rd. Barclays raised their price target on shares of DraftKings from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Monday, May 6th. Morgan Stanley increased their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 9th. Finally, Stifel Nicolaus boosted their price target on DraftKings from $50.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, May 6th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.21.

DraftKings Stock Up 4.6 %

Shares of DraftKings stock traded up $2.02 during midday trading on Wednesday, hitting $46.15. The company's stock had a trading volume of 9,555,397 shares, compared to its average volume of 11,419,243. DraftKings has a 1-year low of $22.65 and a 1-year high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $40.12 billion, a P/E ratio of -38.81 and a beta of 1.87. The stock has a 50-day simple moving average of $43.71 and a 200-day simple moving average of $39.71.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company's revenue was up 52.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.87) EPS. As a group, sell-side analysts expect that DraftKings will post -0.19 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 600,000 shares of company stock valued at $24,894,000. Corporate insiders own 48.94% of the company's stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently bought and sold shares of the business. Highlander Capital Management LLC lifted its position in DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company's stock worth $25,000 after buying an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $26,000. Montag A & Associates Inc. bought a new position in DraftKings in the 4th quarter worth approximately $29,000. LRI Investments LLC acquired a new position in DraftKings during the 1st quarter worth $31,000. Finally, LifeSteps Financial Inc. bought a new position in DraftKings in the 1st quarter valued at $33,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Company Profile

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.