DraftKings (NASDAQ:DKNG) Price Target Raised to $60.00 at Canaccord Genuity Group

DraftKings (NASDAQ:DKNG - Get Free Report) had its price objective boosted by Canaccord Genuity Group from $54.00 to $60.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 16.53% from the company's previous close.

Several other research firms have also recently issued reports on DKNG. Barclays raised their price objective on DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. TD Cowen decreased their price objective on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Mizuho increased their target price on DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. Wells Fargo & Company increased their target price on DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their target price on DraftKings from $47.00 to $53.00 and gave the stock an "overweight" rating in a research 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $53.69.

DraftKings Price Performance

NASDAQ:DKNG traded down $2.00 during trading hours on Friday, reaching $51.49. 20,441,515 shares of the company traded hands, compared to its average volume of 9,781,917. The firm's 50-day moving average is $40.96 and its 200-day moving average is $39.03. The stock has a market cap of $25.11 billion, a P/E ratio of -58.51, a P/E/G ratio of 3.18 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61.

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

Insider Transactions at DraftKings

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

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new position in DraftKings in the fourth quarter valued at approximately $25,000. Stonebridge Financial Group LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $30,000. Finally, Synergy Investment Management LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $37,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.