DraftKings (NASDAQ:DKNG – Free Report) had its target price boosted by Citizens Jmp from $36.00 to $37.00 in a research report report published on Tuesday morning,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.
A number of other equities research analysts have also recently commented on the company. Moffett Nathanson lowered their target price on DraftKings from $27.00 to $25.00 in a research note on Wednesday, July 15th. Susquehanna reduced their price target on shares of DraftKings from $32.00 to $31.00 and set a “positive” rating for the company in a research report on Wednesday, July 1st. Wall Street Zen downgraded shares of DraftKings from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. New Street Research set a $29.00 price objective on shares of DraftKings in a research report on Monday, June 1st. Finally, Morgan Stanley lowered their price objective on shares of DraftKings from $39.00 to $36.00 and set an “overweight” rating on the stock in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.39.
Read Our Latest Stock Analysis on DKNG
DraftKings Price Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business posted $0.30 earnings per share. DraftKings’s revenue was down 4.6% on a year-over-year basis. On average, equities analysts anticipate that DraftKings will post 0.49 EPS for the current year.
Insider Activity at DraftKings
In other news, Director Jocelyn Moore sold 10,759 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the transaction, the director owned 1,881 shares of the company’s stock, valued at $45,238.05. This represents a 85.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On DraftKings
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. CoreCap Advisors LLC lifted its holdings in DraftKings by 336.5% during the second 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 last quarter. SHP Wealth Management purchased a new position in shares of DraftKings in the fourth quarter worth about $42,000. Basecamp Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 1,206 shares during the period. Ascentis Independent Advisors bought a new stake in shares of DraftKings in the first quarter valued at approximately $27,000. Finally, Advisory Services Network LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at approximately $62,000. 37.70% of the stock is currently owned by institutional investors.
About DraftKings
DraftKings Inc is a digital sports entertainment and gaming company that operates online sports betting, iGaming and daily fantasy sports platforms. Its products enable customers to place bets on professional and collegiate sports, play online casino games where permitted, and participate in fantasy contests across a range of sports.
The company also offers related services, including retail sportsbooks in select jurisdictions and sports media content through DraftKings Network. Its offerings are available in U.S.
Featured Stories
- Five stocks we like better than DraftKings
- AeroVironment’s Record Backlog and Earnings Beat Fuel Recovery Case
- Corning Just Locked In a Massive Verizon Fiber Deal as AI Infrastructure Expands
- 3 Under-$20 Stocks Tied to the Future of U.S. Energy and Materials
- Uncle Sam’s Quantum Leap: Feds Fund a $300M Quantum Supercycle
Receive News & Ratings for DraftKings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DraftKings and related companies with MarketBeat.com's FREE daily email newsletter.
