DraftKings (NASDAQ:DKNG) Sets New 12-Month High at $25.47

Posted by on May 24th, 2023

DraftKings Inc. (NASDAQ:DKNG – Get Rating)’s share price reached a new 52-week high on Monday . The company traded as high as $25.47 and last traded at $25.34, with a volume of 5691965 shares traded. The stock had previously closed at $24.11.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DKNG. BTIG Research upped their price objective on DraftKings from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, May 5th. Stifel Nicolaus upped their price objective on DraftKings from $21.00 to $23.00 in a research report on Thursday, May 4th. Wells Fargo & Company upped their price objective on DraftKings from $16.00 to $22.00 in a research report on Monday, February 20th. Roth Mkm increased their target price on DraftKings from $15.00 to $18.00 and gave the company a “sell” rating in a report on Monday, May 8th. Finally, Susquehanna increased their target price on DraftKings from $28.00 to $36.00 in a report on Monday, May 8th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $24.80.

DraftKings Stock Down 3.8 %

The firm has a market cap of $20.75 billion, a price-to-earnings ratio of -8.37 and a beta of 1.80. The firm’s 50 day moving average price is $20.64 and its two-hundred day moving average price is $17.01. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.47 and a quick ratio of 1.47.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 177,011 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $18.84, for a total value of $3,334,887.24. Following the completion of the sale, the insider now owns 600,074 shares in the company, valued at $11,305,394.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Erik Bradbury sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the sale, the chief accounting officer now owns 26,889 shares in the company, valued at $672,225. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 177,011 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $18.84, for a total transaction of $3,334,887.24. Following the completion of the sale, the insider now owns 600,074 shares of the company’s stock, valued at approximately $11,305,394.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,583,738 shares of company stock worth $54,705,196. Company insiders own 55.92% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. purchased a new position in DraftKings in the fourth quarter valued at about $25,000. Ellevest Inc. increased its holdings in DraftKings by 1,005.5% in the third quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock valued at $30,000 after buying an additional 1,830 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in DraftKings in the first quarter valued at about $30,000. Barrett & Company Inc. purchased a new position in DraftKings in the first quarter valued at about $32,000. Finally, Baystate Wealth Management LLC increased its holdings in DraftKings by 229.4% in the fourth quarter. Baystate Wealth Management LLC now owns 3,294 shares of the company’s stock valued at $38,000 after buying an additional 2,294 shares in the last quarter. Institutional investors and hedge funds own 30.60% of the company’s stock.

About DraftKings

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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