Truist Financial Forecasts Strong Price Appreciation for DraftKings (NASDAQ:DKNG) Stock

DraftKings (NASDAQ:DKNG) had its price objective upped by investment analysts at Truist Financial from $50.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 25.17% from the company’s previous close.

Several other brokerages have also recently weighed in on DKNG. JMP Securities lowered their price objective on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 5th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of DraftKings in a research report on Friday, May 9th. Sanford C. Bernstein began coverage on shares of DraftKings in a research note on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price target on the stock. Bank of America cut their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. One equities 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, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

DraftKings Stock Up 1.3%

DraftKings stock opened at $43.94 on Wednesday. DraftKings has a one year low of $28.69 and a one year high of $53.61. The stock has a fifty day moving average of $38.82 and a 200 day moving average of $38.77. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market cap of $39.08 billion, a PE ratio of -52.94, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider directly owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the director directly owned 5,947 shares of the company’s stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 536,627 shares of company stock worth $19,748,622. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently modified their holdings of DKNG. Raiffeisen Bank International AG purchased a new stake in DraftKings during the 4th quarter valued at $25,000. FNY Investment Advisers LLC bought a new position in DraftKings during the first quarter valued at $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in shares of DraftKings in the first quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings in the fourth quarter valued at $28,000. Finally, GPS Wealth Strategies Group LLC lifted its holdings in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after acquiring an additional 564 shares during the last quarter. 37.70% of the stock is 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.