Wells Fargo & Company Increases DraftKings (NASDAQ:DKNG) Price Target to $60.00

DraftKings (NASDAQ:DKNG - Free Report) had its price objective lifted by Wells Fargo & Company from $53.00 to $60.00 in a research note released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other research analysts have also issued research reports about the stock. Barclays raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday. Macquarie raised their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Morgan Stanley raised their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, October 22nd. Susquehanna lowered their price objective on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research note on Wednesday, January 8th. Finally, TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $53.69.

DraftKings Trading Down 7.8 %

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

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results 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, analysts anticipate that DraftKings will post 0.49 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company's stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction 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 transaction, the insider now directly owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % 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 valued at $46,945,158 in the last ninety days. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC purchased a new stake in DraftKings in the 3rd quarter valued at approximately $28,028,000. Janney Montgomery Scott LLC boosted its holdings in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock valued at $124,470,000 after purchasing an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock valued at $19,481,000 after purchasing an additional 350,215 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

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.