DraftKings (NASDAQ:DKNG) PT Raised to $58.00 at UBS Group

DraftKings (NASDAQ:DKNG) had its price objective boosted by UBS Group from $56.00 to $58.00 in a research note published on Wednesday, MarketBeat reports. They currently have a buy rating on the stock.

A number of other research analysts also recently weighed in on DKNG. Benchmark raised their target price on shares of DraftKings from $41.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, August 20th. Bank of America decreased their price objective on DraftKings from $54.00 to $50.00 and set a buy rating for the company in a report on Monday, July 22nd. Stifel Nicolaus reiterated a buy rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Morgan Stanley decreased their price target on DraftKings from $51.00 to $47.00 and set an overweight rating for the company in a research note on Tuesday, August 13th. Finally, Oppenheimer dropped their price objective on DraftKings from $58.00 to $55.00 and set an outperform rating on the stock in a research note 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. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $49.52.

DraftKings Stock Down 1.7 %

DKNG stock opened at $35.11 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $30.52 billion, a P/E ratio of -29.75 and a beta of 1.80. DraftKings has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The business has a 50-day moving average of $35.24 and a 200-day moving average of $39.72.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) EPS. On average, sell-side analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of the company’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 transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders sold a total of 1,470,537 shares of company stock worth $54,321,570 over the last quarter. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the stock. Transcendent Capital Group LLC acquired a new position in DraftKings in the 4th quarter valued at $26,000. Montag A & Associates Inc. bought a new position in shares of DraftKings in the fourth quarter worth $29,000. LRI Investments LLC acquired a new position in DraftKings in the first quarter valued at about $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings during the first quarter worth about $33,000. Finally, Concord Wealth Partners grew its stake in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares in 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.