DraftKings (NASDAQ:DKNG) Lifted to “Outperform” at Cowen

Cowen upgraded shares of DraftKings (NASDAQ:DKNG) from a market perform rating to an outperform rating in a research report sent to investors on Monday, Benzinga reports. The firm currently has $70.00 price target on the stock.

DKNG has been the subject of a number of other research reports. Needham & Company LLC lowered their price objective on DraftKings from $81.00 to $73.00 and set a buy rating for the company in a research report on Monday. Truist increased their price objective on shares of DraftKings from $48.00 to $60.00 in a research report on Thursday, January 14th. Guggenheim began coverage on shares of DraftKings in a research note on Thursday, May 6th. They issued a buy rating and a $75.00 target price for the company. Benchmark upped their price target on shares of DraftKings from $69.00 to $75.00 and gave the company a buy rating in a research note on Tuesday, March 16th. Finally, Credit Suisse Group lifted their price objective on shares of DraftKings from $84.00 to $85.00 and gave the stock an outperform rating in a research note on Tuesday, March 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. DraftKings presently has a consensus rating of Buy and an average target price of $67.12.

Shares of DraftKings stock opened at $42.11 on Monday. The company has a 50-day simple moving average of $58.67 and a two-hundred day simple moving average of $54.91. DraftKings has a one year low of $23.50 and a one year high of $74.38.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, May 7th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.36). The company had revenue of $312.28 million for the quarter, compared to analysts’ expectations of $228.34 million. On average, sell-side analysts anticipate that DraftKings will post -2.3 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in DKNG. Abundance Wealth Counselors acquired a new position in shares of DraftKings during the 1st quarter valued at about $95,000. Atwood & Palmer Inc. purchased a new stake in DraftKings during the 1st quarter worth approximately $25,000. Allworth Financial LP raised its stake in shares of DraftKings by 137.5% in the first quarter. Allworth Financial LP now owns 475 shares of the company’s stock valued at $29,000 after acquiring an additional 275 shares in the last quarter. FNY Investment Advisers LLC boosted its holdings in DraftKings by 172.4% in the fourth quarter. FNY Investment Advisers LLC now owns 550 shares of the company’s stock valued at $25,000 after purchasing an additional 1,310 shares during the period. Finally, Global Retirement Partners LLC grew its stake in DraftKings by 109.4% during the 4th quarter. Global Retirement Partners LLC now owns 555 shares of the company’s stock worth $26,000 after purchasing an additional 290 shares in the last quarter. 46.50% of the stock is owned by institutional investors.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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