Wells Fargo & Company Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective upped by Wells Fargo & Company from $30.00 to $31.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

DKNG has been the subject of a number of other research reports. Guggenheim set a $37.00 price objective on DraftKings in a research note on Tuesday, February 17th. UBS Group lowered their price objective on DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, March 16th. BTIG Research restated a “buy” rating and set a $35.00 price objective on shares of DraftKings in a research note on Monday, March 23rd. Citizens Jmp lowered their price objective on DraftKings from $38.00 to $34.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, January 21st. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.23.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $22.95 on Tuesday. DraftKings has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The business has a 50 day moving average price of $24.37 and a two-hundred day moving average price of $30.44. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The firm has a market cap of $11.38 billion, a PE ratio of -573.75, a price-to-earnings-growth ratio of 0.93 and a beta of 1.68.

Insider Buying and Selling

In other news, CAO Erik Bradbury sold 7,268 shares of DraftKings stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $22.50, for a total value of $163,530.00. Following the completion of the transaction, the chief accounting officer owned 36,736 shares in the company, valued at approximately $826,560. This trade represents a 16.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 2,150 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director directly owned 1,406 shares in the company, valued at approximately $35,993.60. This trade represents a 60.46% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 549,495 shares of company stock worth $14,166,700. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Several hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB raised its stake in shares of DraftKings by 1,996.2% in the 3rd quarter. Nordea Investment Management AB now owns 421,127 shares of the company’s stock worth $16,205,000 after buying an additional 401,037 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock worth $279,494,000 after buying an additional 79,152 shares in the last quarter. Citigroup Inc. raised its stake in shares of DraftKings by 40.6% in the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock worth $72,547,000 after buying an additional 560,139 shares in the last quarter. Bedell Frazier Investment Counselling LLC bought a new stake in shares of DraftKings in the 3rd quarter worth $4,492,000. Finally, Waycross Partners LLC bought a new stake in shares of DraftKings in the 4th quarter worth $2,584,000. Institutional investors own 37.70% of the company’s stock.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Wells Fargo raised its price target on DKNG to $31 and kept an “overweight” rating, giving analysts’ support to the bullish case and likely boosting near-term buying interest. Wells Fargo price target raise
• Positive Sentiment: DraftKings reached a settlement with MLB players over use of player likenesses on its betting site — removing an active legal overhang and reducing near-term litigation uncertainty for the business. DraftKings settles MLB players’ lawsuit over use of likenesses on betting site
• Neutral Sentiment: An appeals court ruled New Jersey cannot block Kalshi’s sports-related event contracts, which could expand alternative prediction markets; this may broaden consumer options and subtly change competitive dynamics for online sports betting operators like DraftKings. Appeals court rules NJ can’t stop Kalshi bets on sports, Reuters says
• Neutral Sentiment: An analyst target revision story highlighted by Kalkine has driven focus in Nasdaq futures and trader attention, contributing to intraday volatility but not changing fundamentals. DraftKings Target Revision Sparks Nasdaq Futures Focus
• Neutral Sentiment: Coverage noting recent investor attention and intraday price moves (Zacks/CNN/Yahoo summaries) is driving retail discussion but offers no new material catalysts. DraftKings attracting investor attention (Zacks)
• Negative Sentiment: Separately, reporting on a potential landmark gambling lawsuit and a Federal Reserve study linking gambling behaviors raises the prospect of increased regulatory scrutiny and legal risk — a narrative that could weigh on the stock if it gains traction. DraftKings Faces Landmark Gambling Lawsuit and Fed Study Link

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.