DraftKings (NASDAQ:DKNG) PT Raised to $25.00 at BTIG Research

DraftKings (NASDAQ:DKNG – Get Rating) had its target price raised by analysts at BTIG Research from $24.00 to $25.00 in a research note issued on Monday, The Fly reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 38.27% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley increased their target price on DraftKings from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 22nd. Roth Capital lowered DraftKings from a “neutral” rating to a “sell” rating and set a $15.00 price objective on the stock. in a research report on Thursday, February 9th. Canaccord Genuity Group raised their target price on DraftKings from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, February 21st. Needham & Company LLC raised their target price on DraftKings from $20.00 to $28.00 in a research note on Tuesday, February 21st. Finally, Craig Hallum lifted their price target on DraftKings from $21.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, February 17th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Hold” and an average price target of $22.47.

DraftKings Price Performance

DKNG opened at $18.08 on Monday. The stock has a market cap of $15.27 billion, a P/E ratio of -5.70 and a beta of 1.81. The stock’s 50 day simple moving average is $16.39 and its 200 day simple moving average is $15.21. DraftKings has a 1-year low of $9.77 and a 1-year high of $21.62.

DraftKings (NASDAQ:DKNG – Get Rating) last announced its earnings results on Thursday, February 16th. The company reported ($0.53) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.10. The firm had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $799.29 million. DraftKings had a negative return on equity of 87.08% and a negative net margin of 61.51%. DraftKings’s quarterly revenue was up 80.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.80) EPS. Research analysts expect that DraftKings will post -2.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 177,011 shares of DraftKings stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $18.84, for a total transaction of $3,334,887.24. Following the transaction, the insider now directly owns 600,074 shares in the company, valued at approximately $11,305,394.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Erik Bradbury sold 18,975 shares of the business’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $20.69, for a total transaction of $392,592.75. Following the transaction, the chief accounting officer now directly owns 25,721 shares in the company, valued at approximately $532,167.49. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 177,011 shares of the business’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $18.84, for a total transaction of $3,334,887.24. Following the transaction, the insider now owns 600,074 shares in the company, valued at $11,305,394.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 862,220 shares of company stock worth $16,578,604. Corporate insiders own 55.92% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently modified their holdings of the stock. Allworth Financial LP grew its holdings in shares of DraftKings by 136.0% during the 3rd quarter. Allworth Financial LP now owns 1,631 shares of the company’s stock valued at $25,000 after acquiring an additional 940 shares in the last quarter. Armstrong Advisory Group Inc. acquired a new stake in shares of DraftKings in the 4th quarter valued at $25,000. SJS Investment Consulting Inc. acquired a new stake in shares of DraftKings in the 3rd quarter valued at $26,000. Ellevest Inc. lifted its position in DraftKings by 1,005.5% during the 3rd quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock worth $30,000 after acquiring an additional 1,830 shares during the last quarter. Finally, Mine & Arao Wealth Creation & Management LLC. lifted its position in DraftKings by 146.6% during the 2nd quarter. Mine & Arao Wealth Creation & Management LLC. now owns 2,860 shares of the company’s stock worth $33,000 after acquiring an additional 1,700 shares during the last quarter. 30.60% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.