DraftKings (NASDAQ:DKNG – Get Free Report) was upgraded by analysts at Freedom Capital to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.
A number of other research firms have also recently commented on DKNG. Oppenheimer cut their target price on DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. Canaccord Genuity Group dropped their price target on DraftKings from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a research report on Thursday. The Goldman Sachs Group reduced their price target on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a research report on Tuesday, February 17th. Finally, Argus cut DraftKings from a “buy” rating to a “hold” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $34.32.
Get Our Latest Analysis on DKNG
DraftKings Stock Up 1.6%
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its 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 net margin of 0.93% and a return on equity of 13.51%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the business earned ($0.07) earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. Research analysts expect that DraftKings will post 0.62 earnings per share for the current fiscal year.
Insider Activity at DraftKings
In related news, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 484,417 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the transaction, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 523,684 shares of company stock valued at $13,193,934 in the last ninety days. 47.18% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC lifted its stake in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after purchasing an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares in the last quarter. Empowered Funds LLC raised its holdings in DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after buying an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new position in DraftKings during the second quarter valued at approximately $603,000. Finally, Daiwa Securities Group Inc. lifted its position in DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after buying an additional 968 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.
DraftKings Company Profile
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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