Truist Financial Raises DraftKings (NASDAQ:DKNG) Price Target to $55.00

DraftKings (NASDAQ:DKNG - Get Free Report) had its target price hoisted by equities research analysts at Truist Financial from $50.00 to $55.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price would suggest a potential upside of 26.65% from the company's previous close.

Several other research analysts have also recently commented on DKNG. Susquehanna increased their target price on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a report on Monday, May 12th. Benchmark restated a "buy" rating and issued a $50.00 price objective (up previously from $45.00) on shares of DraftKings in a report on Tuesday. JPMorgan Chase & Co. started coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price on the stock. Northland Securities set a $50.00 price target on DraftKings in a research report on Friday, April 25th. Finally, Barclays decreased their price target on DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.10.

DraftKings Trading Down 1.2%

Shares of DKNG traded down $0.51 on Wednesday, reaching $43.43. 1,865,683 shares of the company's stock were exchanged, compared to its average volume of 9,688,953. The business has a 50 day moving average price of $38.82 and a two-hundred day moving average price of $38.77. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The stock has a market capitalization of $38.62 billion, a P/E ratio of -52.24, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction dated 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. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was 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 in the company, valued at approximately $6,297,524.36. This represents a 3.83% 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 worth $19,748,622 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Raiffeisen Bank International AG acquired a new stake in DraftKings during the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings during the 4th quarter valued at $28,000. FNY Investment Advisers LLC acquired a new stake in shares of DraftKings during the 1st quarter worth $26,000. TD Private Client Wealth LLC increased its position in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock worth $34,000 after purchasing an additional 282 shares during the period. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of DraftKings in the first quarter worth $27,000. 37.70% of the stock is owned by 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.