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

DraftKings (NASDAQ:DKNG - Free Report) had its price target increased by Truist Financial from $50.00 to $60.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently commented on the stock. Barclays raised their price target on shares of DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Canaccord Genuity Group raised their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.69.

DraftKings Price Performance

Shares of DKNG traded down $3.87 during mid-day trading on Tuesday, hitting $45.57. The company's stock had a trading volume of 16,259,512 shares, compared to its average volume of 10,188,783. The firm has a 50-day moving average price of $41.41 and a 200 day moving average price of $39.28. The stock has a market capitalization of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.91 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings has a fifty-two week low of $28.69 and a fifty-two week 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 the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts predict that DraftKings will post 0.49 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company's stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,160,591 shares of company stock worth $46,945,158 over the last ninety days. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in DKNG. Creative Planning increased its holdings in DraftKings by 21.8% in the third quarter. Creative Planning now owns 64,286 shares of the company's stock worth $2,520,000 after purchasing an additional 11,511 shares in the last quarter. Blue Trust Inc. increased its holdings in DraftKings by 94.0% in the third quarter. Blue Trust Inc. now owns 10,104 shares of the company's stock worth $386,000 after purchasing an additional 4,897 shares in the last quarter. Foundations Investment Advisors LLC increased its holdings in DraftKings by 14.0% in the third quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company's stock worth $1,555,000 after purchasing an additional 4,870 shares in the last quarter. Signaturefd LLC increased its holdings in DraftKings by 9.0% in the third quarter. Signaturefd LLC now owns 5,610 shares of the company's stock worth $220,000 after purchasing an additional 464 shares in the last quarter. Finally, Eastern Bank bought a new stake in DraftKings in the third quarter worth approximately $59,000. 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.