Draftkings (NASDAQ:DKNG) had its price target upped by Craig Hallum from $48.00 to $60.00 in a research report sent to investors on Tuesday morning, The Fly reports.
DKNG has been the subject of several other reports. Truist started coverage on Draftkings in a report on Wednesday, September 2nd. They issued a hold rating and a $39.00 price objective for the company. Stephens initiated coverage on Draftkings in a report on Tuesday, June 30th. They issued an overweight rating and a $52.00 price target for the company. Wolfe Research initiated coverage on Draftkings in a research note on Monday. They set a peer perform rating on the stock. Canaccord Genuity reaffirmed a buy rating on shares of Draftkings in a report on Monday, August 17th. Finally, Cannonball Research assumed coverage on shares of Draftkings in a report on Tuesday, May 26th. They set a buy rating and a $35.00 target price on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $47.76.
Shares of NASDAQ:DKNG traded up $3.78 during midday trading on Tuesday, reaching $51.99. The company had a trading volume of 495,267 shares, compared to its average volume of 8,887,649. The company’s fifty day simple moving average is $36.27. Draftkings has a one year low of $9.84 and a one year high of $49.88.
In other news, Director Woodrow Levin sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total value of $1,940,000.00. Following the completion of the sale, the director now directly owns 229,810 shares of the company’s stock, valued at approximately $8,916,628. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 548,862 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $38.80, for a total transaction of $21,295,845.60. Following the completion of the transaction, the insider now owns 758,050 shares of the company’s stock, valued at $29,412,340. The disclosure for this sale can be found here. Insiders have sold a total of 1,471,338 shares of company stock valued at $57,087,914 in the last quarter.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. acquired a new stake in Draftkings in the second quarter worth approximately $753,034,000. Raine Capital LLC bought a new stake in shares of Draftkings in the 2nd quarter worth $722,269,000. Atlas Venture Advisors Inc. acquired a new stake in shares of Draftkings in the second quarter valued at $275,526,000. SherpaCapital LLC bought a new position in Draftkings during the second quarter valued at about $209,918,000. Finally, Goldman Sachs Group Inc. bought a new position in Draftkings during the second quarter valued at about $94,973,000. 51.47% of the stock is currently owned by hedge funds and other institutional investors.
DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.
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