Wolfe Research Begins Coverage on Draftkings (NASDAQ:DKNG)

Wolfe Research initiated coverage on shares of Draftkings (NASDAQ:DKNG) in a research report sent to investors on Monday morning, Benzinga reports. The brokerage issued a peer perform rating on the stock.

Other analysts also recently issued reports about the stock. Susquehanna Bancshares upped their price objective on shares of Draftkings from $35.00 to $48.00 in a report on Wednesday, June 3rd. Truist assumed coverage on shares of Draftkings in a report on Wednesday, September 2nd. They set a hold rating and a $39.00 price objective for the company. Morgan Stanley downgraded shares of Draftkings from an overweight rating to an equal weight rating and set a $37.00 price objective for the company. in a report on Friday, August 28th. BofA Securities assumed coverage on shares of Draftkings in a report on Tuesday, September 8th. They set a neutral rating and a $40.00 price objective for the company. Finally, Cannonball Research assumed coverage on shares of Draftkings in a report on Tuesday, May 26th. They set a buy rating and a $35.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $47.76.

DKNG stock opened at $51.03 on Monday. Draftkings has a 12 month low of $9.84 and a 12 month high of $53.25. The business has a 50 day simple moving average of $36.49.

Draftkings (NASDAQ:DKNG) last posted its earnings results on Friday, August 14th. The company reported ($0.55) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.40). On average, sell-side analysts predict that Draftkings will post -1.24 EPS for the current fiscal year.

In other news, CFO Jason Park sold 76,128 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total value of $2,953,766.40. Following the completion of the transaction, the chief financial officer now owns 14,497 shares in the company, valued at approximately $562,483.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Woodrow Levin sold 50,000 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total transaction of $1,940,000.00. Following the completion of the transaction, the director now owns 229,810 shares of the company’s stock, valued at approximately $8,916,628. The disclosure for this sale can be found here. In the last 90 days, insiders sold 922,476 shares of company stock valued at $35,792,069.

Several hedge funds have recently made changes to their positions in the company. Fulton Bank N. A. bought a new stake in shares of Draftkings in the 2nd quarter worth about $239,000. Envestnet Asset Management Inc. bought a new stake in shares of Draftkings in the 2nd quarter worth about $1,054,000. Carnegie Capital Asset Management LLC bought a new stake in shares of Draftkings in the 2nd quarter worth about $10,509,000. Mount Yale Investment Advisors LLC bought a new stake in shares of Draftkings in the 2nd quarter worth about $248,000. Finally, Carroll Financial Associates Inc. bought a new stake in shares of Draftkings in the 2nd quarter worth about $138,000. Institutional investors own 51.47% of the company’s stock.

Draftkings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for Draftkings (NASDAQ:DKNG)

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