Jefferies Financial Group Increases DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its target price upped by research analysts at Jefferies Financial Group from $52.00 to $54.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price indicates a potential upside of 23.60% from the company’s current price.

A number of other analysts have also commented on DKNG. UBS Group lifted their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Bank Of America (Bofa) increased their price target on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. BNP Paribas downgraded DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research note on Friday, January 19th. Finally, Barclays upped their price objective on DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.07.

DraftKings Stock Up 4.5 %

DKNG traded up $1.87 during trading on Monday, hitting $43.69. 9,517,342 shares of the company’s stock traded hands, compared to its average volume of 11,697,852. The stock has a market capitalization of $37.86 billion, a price-to-earnings ratio of -36.78 and a beta of 1.87. The company’s 50 day simple moving average is $43.58 and its two-hundred day simple moving average is $38.92. DraftKings has a 12-month low of $22.65 and a 12-month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company earned ($0.87) earnings per share. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. Analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the transaction, the insider now directly owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock valued at $45,903,509 in the last ninety days. Corporate insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of institutional investors have recently bought and sold shares of the stock. TFB Advisors LLC lifted its holdings in shares of DraftKings by 102.1% in the 1st quarter. TFB Advisors LLC now owns 14,887 shares of the company’s stock worth $623,000 after acquiring an additional 7,520 shares during the last quarter. Larson Financial Group LLC raised its position in DraftKings by 166.0% in the 1st quarter. Larson Financial Group LLC now owns 1,117 shares of the company’s stock worth $51,000 after purchasing an additional 697 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in DraftKings in the first quarter worth about $206,000. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of DraftKings by 773.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 20,433 shares of the company’s stock valued at $928,000 after buying an additional 18,094 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of DraftKings by 2.0% during the first quarter. Daiwa Securities Group Inc. now owns 35,960 shares of the company’s stock valued at $1,633,000 after buying an additional 697 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

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.