Mizuho Boosts DraftKings (NASDAQ:DKNG) Price Target to $62.00

DraftKings (NASDAQ:DKNG) had its target price increased by analysts at Mizuho from $54.00 to $62.00 in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price objective points to a potential upside of 64.67% from the stock’s current price.

DKNG has been the subject of several other research reports. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Barclays boosted their price target on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Truist Financial restated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Guggenheim lowered their target price on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Finally, Susquehanna boosted their price target on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.19.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $37.65 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $32.73 billion, a price-to-earnings ratio of -31.91 and a beta of 1.81. The business has a 50-day simple moving average of $36.62 and a two-hundred day simple moving average of $38.73. DraftKings has a fifty-two week low of $25.73 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) EPS. On average, analysts expect that DraftKings will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,132,095 shares of company stock worth $42,890,328 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Marshall Wace LLP increased its position in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after buying an additional 441,975 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in DraftKings by 20.6% in the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after acquiring an additional 663,427 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.