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

DraftKings (NASDAQ:DKNG) had its price objective hoisted by TD Cowen from $30.00 to $35.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 30.26% from the company’s current price.

A number of other analysts have also weighed in on DKNG. Wells Fargo & Company restated an “overweight” rating and issued a $32.00 target price on shares of DraftKings in a research note on Sunday, May 10th. BNP Paribas Exane began coverage on shares of DraftKings in a research report on Thursday, May 14th. They set an “underperform” rating and a $20.00 price target on the stock. Sanford C. Bernstein restated an “outperform” rating on shares of DraftKings in a research report on Thursday, June 11th. Truist Financial reduced their target price on shares of DraftKings from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Finally, Mizuho raised their price target on shares of DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $34.46.

DraftKings Stock Up 2.2%

Shares of DKNG opened at $26.87 on Friday. The company has a market capitalization of $13.33 billion, a P/E ratio of 444.95 and a beta of 1.65. DraftKings has a one year low of $20.46 and a one year high of $48.78. The business’s 50 day simple moving average is $25.65 and its 200-day simple moving average is $26.48. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.07) earnings per share. As a group, sell-side analysts predict that DraftKings will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. This represents a 53.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the transaction, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after buying an additional 1,354,457 shares during the last quarter. Waycross Partners LLC bought a new stake in DraftKings in the fourth quarter valued at approximately $2,584,000. DAVENPORT & Co LLC lifted its holdings in DraftKings by 11.2% during the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after purchasing an additional 348,333 shares during the last quarter. Stableford Capital II LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $2,476,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in DraftKings by 11.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company’s stock worth $150,621,000 after acquiring an additional 433,963 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 leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.