Moffett Nathanson Raises DraftKings (NASDAQ:DKNG) Price Target to $55.00

DraftKings (NASDAQ:DKNG) had its target price upped by research analysts at Moffett Nathanson from $52.00 to $55.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Moffett Nathanson’s price objective would indicate a potential upside of 21.28% from the company’s previous close.

A number of other brokerages also recently issued reports on DKNG. UBS Group lifted their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Mizuho began coverage on shares of DraftKings in a research report on Tuesday. They set a “buy” rating and a $58.00 price objective for the company. Morgan Stanley increased their target price on DraftKings from $40.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, February 28th. Needham & Company LLC upped their price objective on DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays upgraded DraftKings from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $41.00 to $50.00 in a report on Friday, February 23rd. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.79.

DraftKings Stock Performance

NASDAQ:DKNG opened at $45.35 on Thursday. DraftKings has a 52 week low of $17.42 and a 52 week high of $49.57. The company has a fifty day simple moving average of $42.27 and a two-hundred day simple moving average of $36.21. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a market cap of $39.30 billion, a price-to-earnings ratio of -25.91 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.53) earnings per share. As a group, equities analysts anticipate that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,596,101 shares of company stock valued at $65,685,509. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp grew its holdings in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares in the last quarter. Signaturefd LLC raised its position in shares of DraftKings by 7.6% during the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock worth $158,000 after purchasing an additional 379 shares during the last quarter. Stratos Wealth Advisors LLC grew its holdings in DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after buying an additional 381 shares during the last quarter. Finally, Udine Wealth Management Inc. increased its position in DraftKings by 0.5% during the third quarter. Udine Wealth Management Inc. now owns 79,352 shares of the company’s stock worth $2,336,000 after buying an additional 384 shares in the last quarter. Institutional investors and hedge funds 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.