DraftKings (NASDAQ:DKNG) Given New $35.00 Price Target at Deutsche Bank Aktiengesellschaft

DraftKings (NASDAQ:DKNG) had its price target upped by Deutsche Bank Aktiengesellschaft from $34.00 to $35.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other brokerages also recently commented on DKNG. JMP Securities reaffirmed a market outperform rating and set a $52.00 price objective on shares of DraftKings in a research report on Monday, March 25th. Piper Sandler lifted their price target on shares of DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research note on Tuesday, February 13th. BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a buy rating in a research report on Monday. Morgan Stanley boosted their target price on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Finally, Needham & Company LLC reiterated a buy rating and issued a $58.00 price target on shares of DraftKings in a report on Friday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $49.07.

DraftKings Trading Up 5.4 %

DKNG stock opened at $44.07 on Monday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The company’s fifty day simple moving average is $43.66 and its 200 day simple moving average is $39.03. DraftKings has a 12-month low of $22.65 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the business posted ($0.87) earnings per share. The business’s revenue was up 52.7% on a year-over-year basis. As a group, research analysts predict that DraftKings will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. Company insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Jericho Capital Asset Management L.P. grew its position in shares of DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares in the last quarter. Norges Bank bought a new stake in shares of DraftKings during the 4th quarter valued at $192,140,000. Ameriprise Financial Inc. lifted its holdings in DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in DraftKings by 21.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after purchasing an additional 781,058 shares during the period. 37.70% of the stock is 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.