Investment Analysts’ Recent Ratings Updates for DraftKings (DKNG)

Several analysts have recently updated their ratings and price targets for DraftKings (NASDAQ: DKNG):

• 11/12/2024 – DraftKings had its price target raised by analysts at TD Cowen from $50.00 to $55.00. They now have a “buy” rating on the stock.
• 11/11/2024 – DraftKings had its price target raised by analysts at Barclays PLC from $45.00 to $50.00. They now have an “overweight” rating on the stock.
• 11/11/2024 – DraftKings had its price target raised by analysts at Macquarie from $50.00 to $51.00. They now have an “outperform” rating on the stock.
• 11/11/2024 – DraftKings had its price target raised by analysts at JMP Securities from $51.00 to $52.00. They now have a “market outperform” rating on the stock.
• 11/8/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 10/22/2024 – DraftKings had its price target raised by analysts at Morgan Stanley from $47.00 to $48.00. They now have an “overweight” rating on the stock.
• 10/18/2024 – DraftKings had its price target raised by analysts at Mizuho from $54.00 to $62.00. They now have an “outperform” rating on the stock.
• 10/17/2024 – DraftKings had its price target raised by analysts at Wells Fargo & Company from $47.00 to $52.00. They now have an “overweight” rating on the stock.
• 10/16/2024 – DraftKings had its “outperform” rating reaffirmed by analysts at BMO Capital Markets. They now have a $48.00 price target on the stock.
• 10/14/2024 – DraftKings had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $51.00 price target on the stock.
• 10/7/2024 – DraftKings had its price target raised by analysts at Susquehanna from $48.00 to $50.00. They now have a “positive” rating on the stock.
• 10/7/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $44.00 price target on the stock.
• 10/4/2024 – DraftKings had its price target raised by analysts at Barclays PLC from $43.00 to $45.00. They now have an “overweight” rating on the stock.

DraftKings Price Performance

Shares of DKNG traded down $0.03 during trading hours on Thursday, reaching $43.03. The company had a trading volume of 6,480,707 shares, compared to its average volume of 10,294,426. The firm has a 50 day simple moving average of $39.20 and a 200-day simple moving average of $37.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $37.89 billion, a price-to-earnings ratio of -48.90 and a beta of 1.82. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Research analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 735,246 shares of company stock worth $29,902,158. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently modified their holdings of the stock. Mizuho Securities USA LLC acquired a new stake in shares of DraftKings in the third quarter worth approximately $28,028,000. Janney Montgomery Scott LLC boosted its position in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after acquiring an additional 86,336 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.