DraftKings (NASDAQ:DKNG) Price Target Raised to $58.00 at UBS Group

DraftKings (NASDAQ:DKNG - Free Report) had its price objective increased by UBS Group from $56.00 to $58.00 in a research report released on Wednesday, Marketbeat.com reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on DKNG. Guggenheim decreased their price target on DraftKings from $53.00 to $52.00 and set a buy rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets lowered their target price on shares of DraftKings from $54.00 to $48.00 and set an outperform rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reiterated a buy rating and issued a $60.00 price target on shares of DraftKings in a research note on Tuesday. The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a report on Monday, August 5th. Finally, Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a buy rating on the stock in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $49.52.

DraftKings Price Performance

NASDAQ:DKNG traded up $0.63 during trading hours on Wednesday, hitting $34.28. The stock had a trading volume of 5,706,283 shares, compared to its average volume of 10,735,799. DraftKings has a one year low of $25.73 and a one year high of $49.57. The company has a 50 day simple moving average of $35.33 and a two-hundred day simple moving average of $39.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $30.12 billion, a price-to-earnings ratio of -29.05 and a beta of 1.81.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued 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. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.11 billion. During the same quarter last year, the company earned ($0.17) EPS. The firm's revenue was up 26.2% compared to the same quarter last year. Research analysts forecast that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of the company's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders have sold a total of 1,470,537 shares of company stock valued at $54,321,570 over the last quarter. Company insiders own 51.19% of the company's stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. LRI Investments LLC acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $31,000. LifeSteps Financial Inc. acquired a new stake in shares of DraftKings in the first quarter worth approximately $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the 4th quarter valued at $26,000. Concord Wealth Partners increased its stake in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company's stock worth $35,000 after acquiring an additional 453 shares during the last quarter. Finally, Montag A & Associates Inc. purchased a new position in DraftKings in the fourth quarter valued at approximately $29,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.