DraftKings (NASDAQ:DKNG – Free Report) had its target price hoisted by TD Cowen from $30.00 to $35.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.
Several other analysts have also recently issued reports on DKNG. JMP Securities raised their target price on DraftKings from $31.00 to $33.00 in a research note on Thursday, July 13th. Wells Fargo & Company raised their target price on DraftKings from $24.00 to $28.00 in a research note on Friday, June 23rd. Roth Mkm raised their target price on DraftKings from $18.00 to $20.00 and gave the stock a sell rating in a research note on Tuesday, July 18th. Guggenheim lifted their price objective on DraftKings from $27.00 to $32.00 in a research report on Monday, May 8th. Finally, SpectralCast reaffirmed a maintains rating on shares of DraftKings in a research report on Monday, May 8th. Five analysts have rated the stock with a sell rating, six have given a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $28.23.
DraftKings Stock Down 1.7 %
DKNG opened at $30.96 on Tuesday. The stock has a market cap of $26.47 billion, a PE ratio of -10.68 and a beta of 1.79. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 1.23. DraftKings has a 52 week low of $10.69 and a 52 week high of $32.32. The business’s fifty day simple moving average is $26.49 and its 200 day simple moving average is $21.28.
Insider Activity at DraftKings
In related news, insider R Stanton Dodge sold 211,108 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $6,358,572.96. Following the sale, the insider now owns 629,023 shares in the company, valued at $18,946,172.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Paul Liberman sold 66,667 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $23.19, for a total value of $1,546,007.73. Following the sale, the insider now directly owns 1,327,250 shares of the company’s stock, valued at approximately $30,778,927.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 211,108 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $6,358,572.96. Following the completion of the sale, the insider now directly owns 629,023 shares in the company, valued at $18,946,172.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,303,320 shares of company stock worth $33,362,510. 51.19% of the stock is owned by company insiders.
Institutional Investors Weigh In On DraftKings
Large investors have recently added to or reduced their stakes in the business. Raleigh Capital Management Inc. purchased a new stake in DraftKings during the 2nd quarter worth approximately $27,000. Barrett & Company Inc. acquired a new position in DraftKings during the 1st quarter worth approximately $32,000. Harvest Fund Management Co. Ltd acquired a new position in DraftKings during the 1st quarter worth approximately $42,000. WealthPLAN Partners LLC acquired a new position in shares of DraftKings in the 1st quarter valued at $45,000. Finally, HM Payson & Co. boosted its holdings in shares of DraftKings by 39.6% in the 2nd quarter. HM Payson & Co. now owns 2,465 shares of the company’s stock valued at $65,000 after buying an additional 699 shares in the last quarter. 30.57% of the stock is owned by hedge funds and other institutional investors.
DraftKings Company Profile
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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