Mizuho Initiates Coverage on DraftKings (NASDAQ:DKNG)

Mizuho started coverage on shares of DraftKings (NASDAQ:DKNGFree Report) in a research report released on Tuesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $58.00 target price on the stock.

A number of other equities analysts have also recently weighed in on the stock. UBS Group upped their price objective on shares of DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Susquehanna increased their price target on DraftKings from $51.00 to $54.00 and gave the stock a positive rating in a report on Monday. Barclays upgraded shares of DraftKings from an equal weight rating to an overweight rating and lifted their target price for the company from $41.00 to $50.00 in a report on Friday, February 23rd. BNP Paribas lowered shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 price target on the stock. in a research note on Friday, January 19th. Finally, Stifel Nicolaus upgraded DraftKings from a hold rating to a buy rating and increased their price objective for the company from $40.00 to $45.00 in a research note on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $45.00.

Check Out Our Latest Analysis on DKNG

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $48.68 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company’s 50 day moving average is $42.07 and its 200 day moving average is $36.15. DraftKings has a twelve month low of $17.33 and a twelve month high of $49.26. The company has a market cap of $42.19 billion, a PE ratio of -27.82 and a beta of 1.87.

DraftKings (NASDAQ:DKNGGet Free Report) last announced its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the business posted ($0.53) earnings per share. The firm’s revenue was up 43.9% compared to the same quarter last year. On average, sell-side analysts forecast that DraftKings will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now directly owns 3,815,698 shares in the company, valued at $144,309,698.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value 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 1,596,101 shares of company stock worth $65,685,509. 51.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DKNG. Fifth Third Bancorp increased its position in DraftKings by 8.3% during the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in shares of DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after buying an additional 341 shares during the period. Signaturefd LLC increased its holdings in shares of DraftKings by 7.6% during the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock worth $158,000 after buying an additional 379 shares during the last quarter. Stratos Wealth Advisors LLC increased its holdings in shares of DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after buying an additional 381 shares during the last quarter. Finally, Udine Wealth Management Inc. raised its position in shares of DraftKings by 0.5% in the 3rd quarter. Udine Wealth Management Inc. now owns 79,352 shares of the company’s stock worth $2,336,000 after buying an additional 384 shares during the period. 32.84% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

(Get Free Report)

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.

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