DraftKings (NASDAQ:DKNG) Price Target Raised to $31.00 at Wells Fargo & Company

DraftKings (NASDAQ:DKNG) had its price objective upped by stock analysts at Wells Fargo & Company from $30.00 to $31.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 35.69% from the company’s current price.

A number of other brokerages have also weighed in on DKNG. Stifel Nicolaus dropped their price objective on DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Zacks Research downgraded shares of DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Rothschild & Co Redburn set a $35.00 price objective on shares of DraftKings in a research report on Friday, January 30th. Northland Securities set a $24.00 target price on shares of DraftKings in a research report on Tuesday, February 17th. Finally, Oppenheimer lowered their target price on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Twenty-five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.23.

DraftKings Trading Down 0.2%

NASDAQ:DKNG opened at $22.85 on Tuesday. The stock has a 50-day simple moving average of $24.52 and a 200-day simple moving average of $30.58. DraftKings has a 1 year low of $20.46 and a 1 year high of $48.78. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $11.33 billion, a P/E ratio of -574.85, a P/E/G ratio of 0.93 and a beta of 1.68.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 484,417 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider owned 213,597 shares in the company, valued at $5,374,100.52. This represents a 69.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Harry Sloan purchased 100,000 shares of DraftKings stock in a transaction dated Tuesday, February 17th. The stock was bought at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the purchase, the director owned 350,219 shares in the company, valued at approximately $7,652,285.15. This trade represents a 39.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 549,495 shares of company stock worth $14,166,700. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 1,354,457 shares during the period. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares during the period. Viking Global Investors LP raised its position in shares of DraftKings by 27.4% during the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after buying an additional 4,116,561 shares during the last quarter. Capital World Investors grew its position in DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after buying an additional 12,008,357 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after acquiring an additional 4,788,337 shares in 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.