DraftKings (NASDAQ:DKNG – Get Free Report) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a $27.00 price target on the stock. Bank of America‘s target price would indicate a potential upside of 40.99% from the company’s current price.
Several other equities analysts have also commented on the stock. Barclays decreased their target price on shares of DraftKings from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Benchmark increased their price target on shares of DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Northland Securities set a $28.00 price objective on shares of DraftKings in a research note on Monday, August 10th. TD Cowen upped their target price on DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Guggenheim reduced their target price on DraftKings from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $33.83.
Check Out Our Latest Analysis on DraftKings
DraftKings Price Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last released its earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the firm posted $0.30 EPS. DraftKings’s quarterly revenue was down 4.6% on a year-over-year basis. As a group, equities analysts predict that DraftKings will post 0.4 earnings per share for the current fiscal year.
Insider Activity at DraftKings
In other news, Director Jocelyn Moore sold 10,759 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the sale, the director directly owned 1,881 shares in the company, valued at approximately $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.
Institutional Investors Weigh In On DraftKings
Hedge funds have recently added to or reduced their stakes in the business. Ascentis Independent Advisors acquired a new position in DraftKings during the 1st quarter worth about $27,000. Basecamp Wealth Advisors LLC boosted its holdings in DraftKings by 3,547.1% in the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after acquiring an additional 1,206 shares during the last quarter. CoreCap Advisors LLC increased its position in DraftKings by 336.5% during the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock valued at $29,000 after purchasing an additional 885 shares during the period. SHP Wealth Management acquired a new stake in DraftKings during the 4th quarter valued at approximately $42,000. Finally, Root Financial Partners LLC raised its holdings in DraftKings by 208.0% during the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock worth $60,000 after purchasing an additional 1,874 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.
About DraftKings
DraftKings Inc is a digital sports entertainment and gaming company that provides online sports betting, daily fantasy sports and internet-based casino gaming. Its products are delivered through mobile applications and websites, allowing customers to wager on professional and collegiate sports, participate in fantasy contests and play a range of casino games where permitted by law.
The company also offers sports and betting-related content through DraftKings Network and operates additional gaming and entertainment products, including online lottery services in select markets.
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