Piper Sandler Reaffirms Overweight Rating for DraftKings (NASDAQ:DKNG)

DraftKings (NASDAQ:DKNG)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Sandler in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $60.00 target price on the stock, up from their prior target price of $48.00. Piper Sandler’s price objective suggests a potential upside of 13.99% from the stock’s current price.

A number of other equities research analysts have also issued reports on DKNG. Susquehanna decreased their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Benchmark lifted their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company lifted their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday. TD Cowen lowered their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. upped their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

DraftKings Trading Down 1.6 %

NASDAQ DKNG opened at $52.64 on Tuesday. The stock has a market capitalization of $25.67 billion, a price-to-earnings ratio of -59.81, a PEG ratio of 3.18 and a beta of 1.93. DraftKings has a one year low of $28.69 and a one year high of $54.10. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business’s fifty day moving average is $40.76 and its 200-day moving average is $38.89.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts predict that DraftKings will post -0.95 EPS for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,163,742 shares of company stock valued at $47,082,888 in the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DKNG. Janus Henderson Group PLC raised its holdings in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares during the last quarter. Norges Bank acquired a new position in DraftKings in the 4th quarter valued at $276,328,000. FMR LLC raised its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. acquired a new position in DraftKings in the 4th quarter valued at $246,765,000. Finally, Eminence Capital LP acquired a new stake in shares of DraftKings during the 4th quarter worth $65,255,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.