DraftKings (NASDAQ:DKNG) Given Overweight Rating at Piper Sandler

DraftKings (NASDAQ:DKNG - Get Free Report)'s stock had its "overweight" rating reaffirmed by investment analysts at Piper Sandler in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $60.00 price objective on the stock, up from their prior price objective of $48.00. Piper Sandler's price target indicates a potential upside of 31.67% from the stock's previous close.

DKNG has been the topic of several other research reports. Wells Fargo & Company increased their price target on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday. Morgan Stanley increased their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $47.00 to $53.00 and gave the stock an "overweight" rating in a research note on Friday, December 13th. Finally, Canaccord Genuity Group increased their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $53.69.

DraftKings Stock Down 7.8 %

NASDAQ:DKNG traded down $3.87 on Tuesday, reaching $45.57. The stock had a trading volume of 16,259,512 shares, compared to its average volume of 10,188,783. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average of $41.41 and a 200 day moving average of $39.28. The stock has a market cap of $22.33 billion, a P/E ratio of -42.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.93. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, research analysts predict that DraftKings will post 0.49 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now owns 68,654 shares of the company's stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,160,591 shares of company stock worth $46,945,158 over the last quarter. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

A number of large investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its holdings in DraftKings by 2,423.0% during the fourth quarter. Mackenzie Financial Corp now owns 321,456 shares of the company's stock worth $11,958,000 after buying an additional 308,715 shares in the last quarter. Toronto Dominion Bank boosted its holdings in DraftKings by 44.6% during the fourth quarter. Toronto Dominion Bank now owns 99,784 shares of the company's stock worth $3,712,000 after buying an additional 30,779 shares in the last quarter. Warm Springs Advisors Inc. bought a new stake in DraftKings during the fourth quarter worth approximately $1,860,000. Highview Capital Management LLC DE boosted its holdings in DraftKings by 1.4% during the fourth quarter. Highview Capital Management LLC DE now owns 42,474 shares of the company's stock worth $1,580,000 after buying an additional 580 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in DraftKings during the fourth quarter worth approximately $1,584,000. 37.70% of the stock is currently owned by 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.