DraftKings (NASDAQ:DKNG) Stock Price Expected to Rise, Morgan Stanley Analyst Says

DraftKings (NASDAQ:DKNG) had its price target hoisted by equities researchers at Morgan Stanley from $51.00 to $52.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 20.99% from the stock’s current price.

A number of other research firms have also recently weighed in on DKNG. Mizuho cut their price objective on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Monday, May 12th. Northland Securities set a $50.00 price objective on shares of DraftKings in a research report on Friday, April 25th. Susquehanna boosted their price objective on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a research report on Monday, May 12th. Macquarie cut their price objective on shares of DraftKings from $55.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, May 12th. Finally, BTIG Research cut their price objective on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.93.

DraftKings Price Performance

DraftKings stock opened at $42.98 on Friday. The company has a market cap of $38.22 billion, a price-to-earnings ratio of -51.78, a PEG ratio of 1.34 and a beta of 1.67. The firm’s fifty day moving average is $38.08 and its 200 day moving average is $38.61. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director directly owned 5,947 shares in the company, valued at $209,810.16. This represents a 34.53% decrease in their position. 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 158,331 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock valued at $19,748,622 in the last 90 days. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC lifted its position in shares of DraftKings by 9.1% during the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after buying an additional 286 shares during the last quarter. CX Institutional lifted its position in shares of DraftKings by 13.0% during the second quarter. CX Institutional now owns 3,341 shares of the company’s stock valued at $143,000 after buying an additional 385 shares during the last quarter. UMB Bank n.a. lifted its position in shares of DraftKings by 42.3% during the second quarter. UMB Bank n.a. now owns 6,950 shares of the company’s stock valued at $298,000 after buying an additional 2,067 shares during the last quarter. Pinnacle Bancorp Inc. lifted its position in shares of DraftKings by 101.3% during the second quarter. Pinnacle Bancorp Inc. now owns 1,264 shares of the company’s stock valued at $54,000 after buying an additional 636 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of DraftKings by 1,783.5% during the second quarter. Assenagon Asset Management S.A. now owns 123,466 shares of the company’s stock valued at $5,295,000 after buying an additional 116,911 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other 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.