DraftKings (NASDAQ:DKNG) Stock Rating Upgraded by Wall Street Zen

DraftKings (NASDAQ:DKNG) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

DKNG has been the topic of several other reports. Barclays lifted their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Mizuho lowered 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. Truist Financial boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.78.

DraftKings Stock Down 5.1%

DKNG stock opened at $42.88 on Friday. DraftKings has a 52 week low of $29.29 and a 52 week high of $53.61. The company has a market capitalization of $38.13 billion, a price-to-earnings ratio of -65.97, a price-to-earnings-growth ratio of 1.52 and a beta of 1.70. The firm’s 50-day moving average is $41.49 and its two-hundred day moving average is $39.43. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

DraftKings (NASDAQ:DKNG) last released its earnings results on Wednesday, August 6th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.23%. The business’s revenue for the quarter was up 36.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 EPS. On average, analysts forecast that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer owned 171,268 shares of the company’s stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the company’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director directly owned 5,947 shares in the company, 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. Insiders sold a total of 642,181 shares of company stock worth $25,550,925 in the last quarter. 51.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Several large investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina grew its holdings in DraftKings by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 199,102 shares of the company’s stock worth $7,407,000 after acquiring an additional 1,250 shares during the last quarter. Sterling Capital Management LLC grew its holdings in DraftKings by 4.8% during the 4th quarter. Sterling Capital Management LLC now owns 167,596 shares of the company’s stock worth $6,235,000 after acquiring an additional 7,610 shares during the last quarter. Keystone Financial Group grew its holdings in DraftKings by 171.9% during the 4th quarter. Keystone Financial Group now owns 32,030 shares of the company’s stock worth $1,192,000 after acquiring an additional 20,249 shares during the last quarter. Mariner LLC grew its holdings in DraftKings by 23.6% during the 4th quarter. Mariner LLC now owns 241,269 shares of the company’s stock worth $8,975,000 after acquiring an additional 46,044 shares during the last quarter. Finally, Portolan Capital Management LLC grew its holdings in DraftKings by 294.0% during the 4th quarter. Portolan Capital Management LLC now owns 320,583 shares of the company’s stock worth $11,926,000 after acquiring an additional 239,219 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.