DraftKings (NASDAQ:DKNG) Price Target Raised to $51.00 at Macquarie

DraftKings (NASDAQ:DKNG) had its price objective hoisted by Macquarie from $50.00 to $51.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Barclays upped their price target on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Susquehanna boosted their price target on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Oppenheimer dropped their target price on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.64.

DraftKings Stock Performance

Shares of DKNG opened at $41.14 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. The firm has a market cap of $36.14 billion, a PE ratio of -46.75 and a beta of 1.82. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The stock has a fifty day moving average price of $38.15 and a 200-day moving average price of $37.94.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Equities research analysts predict that DraftKings will post -0.41 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This trade represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $31,000. Alta Advisers Ltd acquired a new stake in DraftKings in the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings during the 2nd quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of DraftKings in the third quarter valued at approximately $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.