Research Analysts’ Recent Ratings Changes for DraftKings (DKNG)

A number of firms have modified their ratings and price targets on shares of DraftKings (NASDAQ: DKNG) recently:

• 4/24/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $50.00 price target on the stock.
• 4/19/2024 – DraftKings had its price target raised by analysts at Barclays PLC from $50.00 to $52.00. They now have an “overweight” rating on the stock.
• 4/16/2024 – DraftKings is now covered by analysts at The Goldman Sachs Group, Inc.. They set a “buy” rating and a $60.00 price target on the stock.
• 4/9/2024 – DraftKings had its price target raised by analysts at Morgan Stanley from $49.00 to $50.00. They now have an “overweight” rating on the stock.
• 3/28/2024 – DraftKings had its “overweight” rating reaffirmed by analysts at JPMorgan Chase & Co.. They now have a $55.00 price target on the stock.
• 3/28/2024 – DraftKings had its price target raised by analysts at Moffett Nathanson from $52.00 to $55.00. They now have a “buy” rating on the stock.
• 3/27/2024 – DraftKings had its price target raised by analysts at Needham & Company LLC from $54.00 to $58.00. They now have a “buy” rating on the stock.
• 3/26/2024 – DraftKings is now covered by analysts at Mizuho. They set a “buy” rating and a $58.00 price target on the stock.
• 3/25/2024 – DraftKings had its price target raised by analysts at Susquehanna from $51.00 to $54.00. They now have a “positive” rating on the stock.
• 3/25/2024 – DraftKings had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $52.00 price target on the stock.
• 3/5/2024 – DraftKings had its price target raised by analysts at UBS Group AG from $44.00 to $56.00. They now have a “buy” rating on the stock.
• 2/28/2024 – DraftKings had its price target raised by analysts at Morgan Stanley from $40.00 to $49.00. They now have an “overweight” rating on the stock.

DraftKings Trading Up 0.6 %

Shares of NASDAQ DKNG opened at $41.09 on Friday. The stock has a market cap of $35.61 billion, a price-to-earnings ratio of -23.48 and a beta of 1.86. The business has a 50 day simple moving average of $43.57 and a 200 day simple moving average of $38.26. DraftKings Inc. has a 52 week low of $20.26 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.53) EPS. On average, research analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock valued at $66,303,509 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of DraftKings by 4.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 100,600 shares of the company’s stock valued at $4,568,000 after purchasing an additional 4,700 shares in the last quarter. Kercheville Advisors LLC raised its stake in shares of DraftKings by 40.6% in the first quarter. Kercheville Advisors LLC now owns 102,700 shares of the company’s stock valued at $4,664,000 after purchasing an additional 29,650 shares in the last quarter. Summit Financial LLC raised its stake in DraftKings by 22.1% during the first quarter. Summit Financial LLC now owns 59,951 shares of the company’s stock worth $2,722,000 after acquiring an additional 10,868 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in DraftKings by 18.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 101,254 shares of the company’s stock worth $4,598,000 after acquiring an additional 15,593 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in DraftKings during the first quarter worth $738,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.