Macquarie Forecasts Strong Price Appreciation for DraftKings (NASDAQ:DKNG) Stock

DraftKings (NASDAQ:DKNG - Get Free Report) had its target price hoisted by research analysts at Macquarie from $50.00 to $51.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Macquarie's price target suggests a potential upside of 18.03% from the company's current price.

Several other research firms have also recently commented on DKNG. Oppenheimer cut their price target on DraftKings from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Monday, August 5th. Wells Fargo & Company raised their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a research note on Thursday, October 17th. JMP Securities boosted their price target on shares of DraftKings from $51.00 to $52.00 and gave the stock a "market outperform" rating in a research note on Monday. BMO Capital Markets restated an "outperform" rating and issued a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Finally, Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $50.48.

DraftKings Stock Performance

DraftKings stock traded up $3.08 during midday trading on Monday, hitting $43.21. 18,475,017 shares of the company's stock were exchanged, compared to its average volume of 10,395,026. 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 stock has a market cap of $37.96 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The firm's 50 day simple moving average is $37.83 and its 200 day simple moving average is $37.92.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. Equities research analysts predict that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Paul Liberman sold 643,654 shares of the company's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,020,536 shares of company stock worth $39,966,465. Corporate insiders own 51.19% of the company's stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently made changes to their positions in DKNG. Janney Montgomery Scott LLC boosted its holdings in DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after acquiring an additional 128,676 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at about $1,530,000. Romano Brothers AND Company purchased a new stake in shares of DraftKings during the 3rd quarter worth about $1,181,000. US Bancorp DE increased its position in DraftKings by 110.2% during the 3rd quarter. US Bancorp DE now owns 859,715 shares of the company's stock worth $33,701,000 after purchasing an additional 450,773 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in DraftKings by 63.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company's stock valued at $3,129,000 after buying an additional 31,880 shares during the period. Institutional investors and hedge funds 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.