DraftKings (NASDAQ:DKNG) Given “Outperform” Rating at Macquarie

Macquarie restated their outperform rating on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $50.00 target price on the stock.

A number of other analysts have also commented on DKNG. Berenberg Bank upgraded DraftKings to a hold rating in a report on Friday, May 31st. UBS Group upped their target price on DraftKings from $56.00 to $60.00 and gave the stock a buy rating in a report on Wednesday, May 15th. Benchmark upped their target price on DraftKings from $41.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, August 20th. Truist Financial reiterated a buy rating and set a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Finally, Barclays dropped their target price on DraftKings from $53.00 to $43.00 and set an overweight rating on the stock in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $49.56.

DraftKings Stock Performance

Shares of DraftKings stock opened at $35.09 on Monday. The firm has a market cap of $30.50 billion, a price-to-earnings ratio of -29.74 and a beta of 1.81. The stock’s 50-day moving average is $36.40 and its 200-day moving average is $40.31. DraftKings has a one year low of $25.73 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.17) earnings per share. Equities analysts predict that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,383,546 shares of company stock valued at $51,221,617. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. RDA Financial Network bought a new stake in DraftKings during the first quarter worth $232,000. LRI Investments LLC bought a new stake in DraftKings during the first quarter worth $31,000. CreativeOne Wealth LLC bought a new stake in DraftKings during the first quarter worth $297,000. Janney Montgomery Scott LLC lifted its stake in DraftKings by 135.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock worth $7,917,000 after purchasing an additional 129,294 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in DraftKings by 1.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after purchasing an additional 1,021 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

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.