DraftKings (NASDAQ:DKNG – Get Free Report) had its price objective hoisted by research analysts at Mizuho from $44.00 to $45.00 in a research note issued on Tuesday, MarketBeat.com reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 79.78% from the company’s previous close.
DKNG has been the subject of a number of other reports. UBS Group reduced their price objective on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, March 16th. Susquehanna reduced their price objective on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Tuesday, March 31st. Argus lowered shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Tuesday, March 17th. Stifel Nicolaus reduced their price objective on shares of DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Twenty-seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $34.87.
Read Our Latest Analysis on DKNG
DraftKings Stock Up 1.7%
DraftKings (NASDAQ:DKNG – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. On average, analysts predict that DraftKings will post 0.56 earnings per share for the current year.
Insiders Place Their Bets
In other DraftKings news, Director Harry Sloan purchased 100,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was purchased at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the transaction, the director owned 350,219 shares in the company, valued at $7,652,285.15. The trade was a 39.96% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the sale, the insider owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 496,718 shares of company stock worth $12,477,308. Insiders own 47.18% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Dagco Inc. purchased a new position in DraftKings in the fourth quarter worth $26,000. Ascentis Independent Advisors purchased a new position in DraftKings in the first quarter worth $27,000. Ameriflex Group Inc. grew its position in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after acquiring an additional 405 shares in the last quarter. Root Financial Partners LLC purchased a new position in DraftKings in the third quarter worth $33,000. Finally, Asset Dedication LLC purchased a new position in DraftKings in the third quarter worth $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.
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.
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