UBS Group Raises DraftKings (NASDAQ:DKNG) Price Target to $56.00

by · The Markets Daily

DraftKings (NASDAQ:DKNG – Free Report) had its price target lifted by UBS Group from $44.00 to $56.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

DKNG has been the topic of a number of other reports. Piper Sandler increased their price objective on DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a report on Tuesday, February 13th. Barclays raised DraftKings from an equal weight rating to an overweight rating and increased their price objective for the company from $41.00 to $50.00 in a report on Friday, February 23rd. Wells Fargo & Company upped their target price on DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research note on Tuesday, February 20th. Benchmark upped their target price on DraftKings from $37.00 to $41.00 and gave the stock a buy rating in a research note on Wednesday, November 15th. Finally, BMO Capital Markets upped their target price on DraftKings from $43.00 to $51.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, DraftKings has an average rating of Moderate Buy and an average target price of $43.93.

Read Our Latest Stock Report on DraftKings

DraftKings Trading Down 2.0 %

Shares of NASDAQ:DKNG opened at $41.74 on Tuesday. The business’s 50-day moving average is $39.40 and its 200 day moving average is $34.78. DraftKings has a 1 year low of $17.02 and a 1 year high of $45.62. The firm has a market capitalization of $36.17 billion, a P/E ratio of -23.85 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG – Get Free Report) last announced its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the company earned ($0.53) earnings per share. The company’s quarterly revenue was up 43.9% on a year-over-year basis. On average, research analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 238,629 shares of DraftKings stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $35.65, for a total transaction of $8,507,123.85. Following the completion of the sale, the insider now directly owns 3,760,519 shares of the company’s stock, valued at approximately $134,062,502.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jason Robins sold 238,629 shares of DraftKings stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $35.65, for a total transaction of $8,507,123.85. Following the sale, the insider now owns 3,760,519 shares in the company, valued at $134,062,502.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 2,076,412 shares of company stock valued at $83,014,026 in the last ninety days. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,911 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,752 shares in the last quarter. Whale Rock Capital Management LLC purchased a new stake in DraftKings during the 2nd quarter valued at approximately $215,687,000. Jericho Capital Asset Management L.P. raised its stake in DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after acquiring an additional 2,022,000 shares during the last quarter. Geode Capital Management LLC raised its stake in DraftKings by 8.9% during the 2nd quarter. Geode Capital Management LLC now owns 6,493,912 shares of the company’s stock valued at $172,543,000 after acquiring an additional 531,875 shares during the last quarter. Finally, Norges Bank purchased a new stake in DraftKings during the 4th quarter valued at approximately $192,140,000. Institutional investors and hedge funds own 32.84% of the company’s stock.

DraftKings Company Profile

(Get Free Report)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.

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