DraftKings (NASDAQ:DKNG) Upgraded at Berenberg Bank

Berenberg Bank upgraded shares of DraftKings (NASDAQ:DKNG) from a hold rating to a buy rating in a report published on Thursday morning, Marketbeat reports. They currently have $43.00 target price on the stock, down from their previous target price of $45.00.

A number of other analysts have also recently commented on DKNG. Truist Financial upped their price objective on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Benchmark reduced their price objective on DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. JMP Securities reduced their price objective on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the company a “hold” rating in a research report on Friday, August 8th. Finally, UBS Group reduced their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Twenty-seven analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $53.28.

DraftKings Stock Down 7.1%

DKNG stock opened at $32.69 on Thursday. The stock has a market capitalization of $16.23 billion, a P/E ratio of -50.29, a P/E/G ratio of 0.70 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The business has a fifty day moving average price of $43.20 and a 200-day moving average price of $39.63. DraftKings has a 1-year low of $29.64 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The company’s revenue was up 36.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities analysts forecast that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the sale, the chief financial officer owned 128,131 shares in the company, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director owned 402 shares of the company’s stock, valued at $18,459.84. This represents a 99.48% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 658,331 shares of company stock valued at $29,285,365. 51.19% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

Several institutional investors have recently made changes to their positions in the business. CHICAGO TRUST Co NA grew its position in shares of DraftKings by 13.9% during the third quarter. CHICAGO TRUST Co NA now owns 16,270 shares of the company’s stock worth $608,000 after purchasing an additional 1,985 shares in the last quarter. First Bank & Trust bought a new position in DraftKings during the third quarter valued at approximately $526,000. Perpetual Ltd boosted its stake in DraftKings by 71.2% during the third quarter. Perpetual Ltd now owns 27,182 shares of the company’s stock valued at $1,017,000 after buying an additional 11,308 shares during the last quarter. Independence Bank of Kentucky boosted its stake in DraftKings by 3.4% during the third quarter. Independence Bank of Kentucky now owns 28,629 shares of the company’s stock valued at $1,071,000 after buying an additional 950 shares during the last quarter. Finally, Grant Private Wealth Management Inc bought a new position in DraftKings during the third quarter valued at approximately $832,000. Hedge funds and other 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.