DraftKings (NASDAQ:DKNG) Price Target Raised to $60.00 at Canaccord Genuity Group

DraftKings (NASDAQ:DKNG) had its price target lifted by Canaccord Genuity Group from $54.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 20.43% from the stock’s previous close.

DKNG has been the subject of several other research reports. Barclays raised their price objective on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Susquehanna reduced their target price 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. TD Cowen reduced their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Morgan Stanley raised their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, JMP Securities reduced their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

DraftKings Stock Up 9.6 %

Shares of NASDAQ:DKNG opened at $49.82 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a 50-day moving average price of $40.36 and a 200 day moving average price of $38.62. The company has a market cap of $24.30 billion, a price-to-earnings ratio of -55.03, a PEG ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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%. As a group, equities research analysts predict that DraftKings will post -0.95 earnings per share for the current year.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock worth $38,082,888 over the last three months. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $37,000. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth approximately $43,000. Finally, Westpac Banking Corp acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $44,000. 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.