UBS Group Boosts DraftKings (NASDAQ:DKNG) Price Target to $58.00

DraftKings (NASDAQ:DKNG) had its price objective hoisted by UBS Group from $56.00 to $58.00 in a research report report published on Wednesday morning, MarketBeat reports. They currently have a buy rating on the stock.

DKNG has been the subject of several other research reports. The Goldman Sachs Group cut their price objective on DraftKings from $60.00 to $54.00 and set a buy rating for the company in a report on Monday, August 5th. BMO Capital Markets cut their price objective on DraftKings from $54.00 to $48.00 and set an outperform rating for the company in a report on Friday, August 2nd. Needham & Company LLC reissued a buy rating and set a $60.00 price objective on shares of DraftKings in a report on Tuesday. Macquarie reissued an outperform rating and set a $50.00 price objective on shares of DraftKings in a report on Monday, August 26th. Finally, Benchmark boosted their price objective on DraftKings from $41.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $49.52.

DraftKings Stock Down 1.7 %

DKNG stock opened at $35.11 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $30.52 billion, a PE ratio of -29.75 and a beta of 1.80. DraftKings has a twelve month low of $25.73 and a twelve month high of $49.57. The stock has a 50-day simple moving average of $35.24 and a two-hundred day simple moving average of $39.73.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.17) EPS. On average, equities analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,470,537 shares of company stock worth $54,321,570. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Winthrop Advisory Group LLC raised its holdings in shares of DraftKings by 2.4% during the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after acquiring an additional 244 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after purchasing an additional 250 shares during the period. Hexagon Capital Partners LLC grew its stake in DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after purchasing an additional 286 shares during the period. Sfmg LLC grew its stake in DraftKings by 3.9% in the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares during the period. Finally, Brown Lisle Cummings Inc. grew its stake in DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares during the period. Institutional investors 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.