TD Cowen Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective increased by TD Cowen from $50.00 to $55.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 31.33% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus restated a “buy” rating and set a $48.00 price objective (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Benchmark reissued a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Oppenheimer lowered their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Finally, Mizuho raised their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.64.

DraftKings Stock Up 0.4 %

NASDAQ:DKNG opened at $41.88 on Tuesday. The company has a market cap of $36.79 billion, a PE ratio of -47.59 and a beta of 1.82. The stock has a 50-day simple moving average of $38.00 and a 200 day simple moving average of $37.91. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, sell-side analysts expect that DraftKings will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock valued at $39,966,465 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently made changes to their positions in DKNG. Soros Capital Management LLC increased its stake in DraftKings by 40.3% during the 3rd quarter. Soros Capital Management LLC now owns 11,643 shares of the company’s stock worth $456,000 after acquiring an additional 3,345 shares during the period. Townsquare Capital LLC grew its holdings in shares of DraftKings by 4.3% during the 3rd quarter. Townsquare Capital LLC now owns 12,126 shares of the company’s stock worth $475,000 after purchasing an additional 501 shares in the last quarter. Brooklyn Investment Group acquired a new position in DraftKings in the third quarter valued at about $143,000. D.A. Davidson & CO. lifted its position in DraftKings by 2.4% during the third quarter. D.A. Davidson & CO. now owns 23,972 shares of the company’s stock worth $940,000 after purchasing an additional 569 shares during the period. Finally, FMR LLC lifted its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares during the period. 37.70% of the stock is currently owned by 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.