DraftKings (NASDAQ:DKNG) Raised to “Moderate Buy” at Cfra Research

DraftKings (NASDAQ:DKNG) was upgraded by equities research analysts at Cfra Research to a “moderate buy” rating in a research report issued on Monday,Zacks.com reports.

DKNG has been the subject of a number of other research reports. JMP Securities set a $57.00 target price on DraftKings in a report on Wednesday, April 2nd. Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the stock a “buy” rating in a report on Sunday. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Stifel Nicolaus increased their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Finally, Guggenheim cut their price objective on DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.27.

DraftKings Stock Performance

NASDAQ:DKNG opened at $33.62 on Monday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $16.81 billion, a PE ratio of -31.72, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The business has a 50 day moving average price of $39.59 and a 200-day moving average price of $39.75.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts predict that DraftKings will post 0.64 earnings per share for the current year.

Insider Activity

In other news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. The trade was a 12.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,575,525 shares of company stock valued at $109,441,446 in the last ninety days. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DKNG. Orion Portfolio Solutions LLC increased its holdings in shares of DraftKings by 60.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,954 shares of the company’s stock valued at $429,000 after purchasing an additional 4,116 shares in the last quarter. Westside Investment Management Inc. grew its position in DraftKings by 26.5% during the third quarter. Westside Investment Management Inc. now owns 44,830 shares of the company’s stock valued at $1,757,000 after buying an additional 9,385 shares during the period. Anchor Investment Management LLC increased its holdings in DraftKings by 11.9% in the third quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock valued at $369,000 after buying an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of DraftKings in the third quarter worth about $304,000. Finally, Oddo BHF Asset Management Sas acquired a new position in shares of DraftKings in the third quarter worth about $1,191,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Company Profile

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.