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

DraftKings (NASDAQ:DKNG) had its target price hoisted by analysts at Moffett Nathanson from $52.00 to $55.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Moffett Nathanson’s price objective would suggest a potential upside of 21.28% from the company’s previous close.

Several other analysts also recently issued reports on the company. Wells Fargo & Company lifted their price target on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Truist Financial restated a “buy” rating and set a $55.00 target price (up previously from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. BMO Capital Markets boosted their price target on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Susquehanna lifted their target price on DraftKings from $51.00 to $54.00 and gave the company a “positive” rating in a research report on Monday. Finally, UBS Group raised their price target on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $45.79.

DraftKings Price Performance

Shares of DKNG opened at $45.35 on Thursday. The stock has a market cap of $39.30 billion, a P/E ratio of -25.91 and a beta of 1.87. DraftKings has a 1 year low of $17.42 and a 1 year high of $49.57. The stock’s 50-day moving average price is $42.27 and its two-hundred day moving average price is $36.21. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business posted ($0.53) earnings per share. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. On average, equities analysts predict that DraftKings will post -0.24 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the transaction, the insider now directly owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 3,815,698 shares in the company, valued at $144,309,698.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock valued at $65,685,509 over the last ninety days. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Highlander Capital Management LLC grew its position in shares of DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. Transcendent Capital Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $26,000. Parkside Financial Bank & Trust increased its stake in shares of DraftKings by 233.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock worth $27,000 after purchasing an additional 710 shares in the last quarter. BOKF NA bought a new stake in DraftKings during the 2nd quarter valued at $27,000. Finally, O Dell Group LLC bought a new position in shares of DraftKings in the fourth quarter worth $28,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.