DraftKings (NASDAQ:DKNG) Given New $45.00 Price Target at Craig Hallum

DraftKings (NASDAQ:DKNG) had its price target increased by Craig Hallum from $40.00 to $45.00 in a report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. upgraded shares of DraftKings from a neutral rating to an overweight rating and raised their target price for the stock from $26.00 to $37.00 in a research report on Tuesday, September 26th. Jefferies Financial Group raised their target price on shares of DraftKings from $38.00 to $42.00 and gave the stock a buy rating in a research report on Sunday, August 6th. Citigroup raised their target price on shares of DraftKings from $30.00 to $41.00 and gave the stock a buy rating in a research report on Wednesday, August 9th. Moffett Nathanson upgraded shares of DraftKings from a hold rating to a buy rating and set a $37.00 target price on the stock in a research report on Tuesday, October 24th. Finally, TD Cowen lifted their price objective on shares of DraftKings from $35.00 to $37.00 and gave the company an outperform rating in a research report on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and a consensus target price of $35.43.

DraftKings Stock Performance

Shares of DKNG opened at $38.37 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.56. The firm has a market cap of $32.97 billion, a PE ratio of -17.60 and a beta of 1.81. The company’s 50 day simple moving average is $30.51 and its 200-day simple moving average is $28.32. DraftKings has a 12-month low of $10.69 and a 12-month high of $38.72.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 23,691 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $30.00, for a total transaction of $710,730.00. Following the transaction, the insider now directly owns 648,773 shares in the company, valued at $19,463,190. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other DraftKings news, insider Jason Robins sold 250,000 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $27.00, for a total value of $6,750,000.00. Following the sale, the insider now directly owns 3,788,962 shares of the company’s stock, valued at $102,301,974. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 23,691 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $30.00, for a total value of $710,730.00. Following the completion of the sale, the insider now directly owns 648,773 shares in the company, valued at $19,463,190. The disclosure for this sale can be found here. Insiders have sold 717,193 shares of company stock worth $21,265,674 over the last ninety days. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Several large investors have recently added to or reduced their stakes in the stock. Creative Planning increased its holdings in shares of DraftKings by 3.5% during the third quarter. Creative Planning now owns 84,881 shares of the company’s stock valued at $2,499,000 after purchasing an additional 2,891 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in shares of DraftKings by 2.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 26,563 shares of the company’s stock valued at $782,000 after purchasing an additional 640 shares during the period. Toroso Investments LLC increased its holdings in shares of DraftKings by 139.2% during the third quarter. Toroso Investments LLC now owns 84,252 shares of the company’s stock valued at $2,480,000 after purchasing an additional 49,036 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of DraftKings by 33.0% during the third quarter. The Manufacturers Life Insurance Company now owns 23,800 shares of the company’s stock valued at $701,000 after purchasing an additional 5,899 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of DraftKings by 36.0% during the third quarter. Royal Bank of Canada now owns 649,579 shares of the company’s stock valued at $19,123,000 after purchasing an additional 172,055 shares during the period. 32.84% of the stock is owned by institutional investors and hedge funds.

DraftKings Company Profile

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.