DraftKings (NASDAQ:DKNG) Price Target Raised to $35.00 at TD Cowen

DraftKings (NASDAQ:DKNG) had its price target upped by TD Cowen from $30.00 to $35.00 in a research report released on Friday, Marketbeat reports. They currently have a buy rating on the stock.

DKNG has been the topic of a number of other reports. Scotiabank raised shares of DraftKings to an “outperform” rating in a research report on Friday, April 24th. Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. Wedbush started coverage on DraftKings in a report on Friday, April 24th. They issued an “outperform” rating for the company. Raymond James Financial upgraded shares of DraftKings from a “market perform” rating to an “outperform” rating in a report on Friday, April 24th. Finally, Barclays boosted their price target on DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.46.

DraftKings Trading Up 0.7%

Shares of DKNG traded up $0.19 during midday trading on Friday, hitting $26.48. The stock had a trading volume of 7,706,396 shares, compared to its average volume of 10,361,102. The stock’s 50 day moving average is $25.72 and its 200 day moving average is $26.48. The firm has a market cap of $13.14 billion, a PE ratio of 441.33 and a beta of 1.65. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. DraftKings has a 1 year low of $20.46 and a 1 year high of $48.78.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the firm posted ($0.07) earnings per share. DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, analysts forecast that DraftKings will post 0.6 EPS for the current fiscal year.

Insider Activity

In other news, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. IHT Wealth Management LLC grew its holdings in shares of DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after buying an additional 248 shares during the last quarter. Orion Porfolio Solutions LLC lifted its position in DraftKings by 3.1% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after acquiring an additional 321 shares during the period. Global Retirement Partners LLC lifted its position in DraftKings by 3.8% during the 4th quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock worth $357,000 after acquiring an additional 379 shares during the period. Centaurus Financial Inc. grew its stake in DraftKings by 4.1% during the 3rd quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after purchasing an additional 410 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its holdings in shares of DraftKings by 1.8% in the second quarter. Rafferty Asset Management LLC now owns 23,629 shares of the company’s stock valued at $1,013,000 after purchasing an additional 421 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: TD Cowen raised its price target on DraftKings to $35 from $30 and reiterated a Buy rating, signaling confidence in roughly 32% upside from current levels. Article Title
• Positive Sentiment: DraftKings announced it will launch its online sportsbook and casino in Alberta on July 13, expanding its North American footprint into its second Canadian province and 34th jurisdiction overall. Article Title
• Positive Sentiment: Michael Burry disclosed a stake in DraftKings, saying he bought shares around $26 and betting that competition from prediction markets will face tighter regulation over time, which helped fuel interest in beaten-down sportsbook stocks. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with a consensus price target near $34.30 and the majority of ratings still at Buy, suggesting Wall Street sees meaningful upside if sentiment improves. Article Title
• Neutral Sentiment: Recent commentary highlighted conflicting analyst views and technical pressure, reflecting ongoing uncertainty about whether DKNG can stabilize after a sharp multi-month pullback. Article Title
• Negative Sentiment: A recent Yahoo Finance article warned of “3 Reasons to Sell DKNG”, reinforcing bearish sentiment after a difficult six months for the stock. Article Title
• Negative Sentiment: Another report noted DraftKings declined even as the broader market rose, underscoring investor concern that the stock remains vulnerable to sector competition and momentum weakness. Article Title

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.