DraftKings (NASDAQ:DKNG) Price Target Increased to $35.00 by Analysts at Deutsche Bank Aktiengesellschaft

DraftKings (NASDAQ:DKNG) had its price objective upped by Deutsche Bank Aktiengesellschaft from $34.00 to $35.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective suggests a potential downside of 19.69% from the company’s previous close.

A number of other analysts have also issued reports on the company. JMP Securities reissued a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. BMO Capital Markets raised their target price on DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. Morgan Stanley increased their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Finally, Oppenheimer lifted their price objective on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.07.

DraftKings Trading Up 4.2 %

Shares of NASDAQ:DKNG traded up $1.76 during midday trading on Monday, reaching $43.58. 10,900,656 shares of the company’s stock were exchanged, compared to its average volume of 11,713,813. The stock has a market cap of $37.77 billion, a price-to-earnings ratio of -36.78 and a beta of 1.87. DraftKings has a fifty-two week low of $22.65 and a fifty-two week high of $49.57. The firm’s 50 day simple moving average is $43.58 and its two-hundred day simple moving average is $38.92. 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) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. DraftKings’s revenue was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.87) earnings per share. As a group, sell-side analysts forecast that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider R Stanton Dodge sold 686,101 shares of the business’s 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 transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock worth $45,903,509 in the last quarter. 48.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in DraftKings in the 4th quarter valued at $7,975,000. Deutsche Bank AG increased its stake in shares of DraftKings by 169.1% during the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after acquiring an additional 840,755 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of DraftKings during the third quarter worth about $209,000. Schonfeld Strategic Advisors LLC raised its holdings in DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after purchasing an additional 64,186 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after buying an additional 1,237 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

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.