DraftKings (NASDAQ:DKNG) Price Target Raised to $54.00 at Jefferies Financial Group

DraftKings (NASDAQ:DKNG) had its price target raised by Jefferies Financial Group from $52.00 to $54.00 in a report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the company. Stifel Nicolaus raised their price target on DraftKings from $50.00 to $51.00 and gave the stock a buy rating in a research report on Monday. Truist Financial reaffirmed a buy rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Oppenheimer raised their price objective on shares of DraftKings from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Morgan Stanley increased their price target on DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. Finally, Needham & Company LLC reissued a buy rating and set a $58.00 target price on shares of DraftKings in a research note on Friday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has an average rating of Moderate Buy and an average target price of $49.07.

DraftKings Trading Up 5.4 %

NASDAQ:DKNG opened at $44.07 on Monday. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 52-week low of $22.65 and a 52-week high of $49.57. The stock has a 50-day simple moving average of $43.66 and a two-hundred day simple moving average of $39.03.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. During the same period last year, the firm posted ($0.87) EPS. DraftKings’s quarterly revenue was up 52.7% compared to the same quarter last year. On average, sell-side analysts forecast that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DKNG. International Assets Investment Management LLC purchased a new position in DraftKings in the 4th quarter worth $7,975,000. Deutsche Bank AG lifted its holdings in shares of DraftKings by 169.1% during the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new stake in DraftKings in the third quarter valued at approximately $209,000. Schonfeld Strategic Advisors LLC increased its holdings in DraftKings by 27.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after buying an additional 64,186 shares during the period. Finally, Arizona State Retirement System raised its position in DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after buying an additional 1,237 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.