Weekly Analysts’ Ratings Changes for DraftKings (DKNG)

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

• 9/26/2024 – DraftKings had its price target raised by analysts at JPMorgan Chase & Co. from $48.00 to $54.00. They now have an “overweight” rating on the stock.
• 9/23/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 9/16/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 9/11/2024 – DraftKings had its “overweight” rating reaffirmed by analysts at Morgan Stanley. They now have a $47.00 price target on the stock.
• 9/10/2024 – DraftKings was upgraded by analysts at BNP Paribas from an “underperform” rating to a “neutral” rating. They now have a $35.00 price target on the stock.
• 9/9/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 9/4/2024 – DraftKings had its price target raised by analysts at Susquehanna from $47.00 to $48.00. They now have a “positive” rating on the stock.
• 9/4/2024 – DraftKings had its price target raised by analysts at UBS Group AG from $56.00 to $58.00. They now have a “buy” rating on the stock.
• 9/3/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 8/26/2024 – DraftKings had its “outperform” rating reaffirmed by analysts at Macquarie. They now have a $50.00 price target on the stock.
• 8/20/2024 – DraftKings had its price target raised by analysts at Benchmark Co. from $41.00 to $44.00. They now have a “buy” rating on the stock.
• 8/14/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 8/14/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $50.00 price target on the stock.
• 8/13/2024 – DraftKings had its price target lowered by analysts at Morgan Stanley from $51.00 to $47.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Barclays PLC from $53.00 to $43.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Wells Fargo & Company from $53.00 to $47.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Oppenheimer Holdings Inc. from $58.00 to $55.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Macquarie from $52.00 to $50.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Truist Financial Co. from $53.00 to $50.00. They now have a “buy” rating on the stock.
• 8/5/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $48.00 price target on the stock, down previously from $50.00.
• 8/5/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $60.00 to $54.00. They now have a “buy” rating on the stock.
• 8/2/2024 – DraftKings had its price target lowered by analysts at BMO Capital Markets from $54.00 to $48.00. They now have an “outperform” rating on the stock.
• 8/2/2024 – DraftKings had its price target lowered by analysts at Benchmark Co. from $52.00 to $41.00. They now have a “buy” rating on the stock.
• 8/1/2024 – DraftKings had its price target lowered by analysts at Susquehanna from $49.00 to $47.00. They now have a “positive” rating on the stock.

DraftKings Price Performance

Shares of DKNG traded down $0.58 during mid-day trading on Friday, reaching $40.36. 7,161,517 shares of the stock traded hands, compared to its average volume of 10,648,141. The company has a market cap of $35.46 billion, a price-to-earnings ratio of -34.20 and a beta of 1.80. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The firm has a fifty day moving average price of $35.55 and a 200 day moving average price of $39.41. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.17) EPS. As a group, equities research analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 63,206 shares of the stock in a transaction on Monday, July 15th. The shares were 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 of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on 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 transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The disclosure for this sale can be found here. Insiders sold a total of 551,647 shares of company stock valued at $18,811,071 over the last quarter. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently made changes to their positions in the business. Transcendent Capital Group LLC purchased a new stake in DraftKings in the fourth quarter worth about $26,000. LRI Investments LLC purchased a new position in shares of DraftKings in the 1st quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings during the first quarter valued at approximately $33,000. Concord Wealth Partners grew its stake in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the period. Finally, Alta Advisers Ltd bought a new position in DraftKings in the second quarter worth $38,000. 37.70% of the stock is currently owned by institutional investors.

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.