Piper Sandler Reaffirms Overweight Rating for DraftKings (NASDAQ:DKNG)

DraftKings (NASDAQ:DKNG)‘s stock had its “overweight” rating reiterated by Piper Sandler in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $60.00 price target on the stock, up from their previous price target of $48.00. Piper Sandler’s target price indicates a potential upside of 13.99% from the stock’s current price.

Other research analysts have also issued reports about the stock. Barclays lifted their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday. Stifel Nicolaus boosted their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Benchmark boosted their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

DraftKings Stock Down 1.6 %

Shares of DKNG opened at $52.64 on Tuesday. The company’s fifty day moving average is $40.76 and its two-hundred day moving average is $38.89. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $54.10. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market cap of $25.67 billion, a PE ratio of -59.81, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Analysts forecast that DraftKings will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on 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 sale, the insider now owns 541,884 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,163,742 shares of company stock valued at $47,082,888 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Worldquant Millennium Advisors LLC acquired a new stake in DraftKings during the 4th quarter valued at approximately $1,584,000. Waverly Advisors LLC grew its position in shares of DraftKings by 2.4% during the 4th quarter. Waverly Advisors LLC now owns 42,681 shares of the company’s stock worth $1,588,000 after buying an additional 995 shares during the period. Whale Rock Capital Management LLC grew its position in shares of DraftKings by 9.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company’s stock worth $184,954,000 after buying an additional 416,881 shares during the period. Tidal Investments LLC grew its position in shares of DraftKings by 14.9% during the 4th quarter. Tidal Investments LLC now owns 20,553 shares of the company’s stock worth $765,000 after buying an additional 2,660 shares during the period. Finally, Think Investments LP bought a new position in shares of DraftKings in the 4th quarter worth $16,457,000. 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.