Craig Hallum Increases DraftKings (NASDAQ:DKNG) Price Target to $70.00


DraftKings (NASDAQ:DKNG) had its price objective raised by Craig Hallum from $60.00 to $70.00 in a report published on Tuesday morning, The Fly reports. Craig Hallum currently has a buy rating on the stock.

DKNG has been the subject of a number of other research reports. Northland Securities increased their price objective on shares of DraftKings from $70.00 to $75.00 and gave the stock an outperform rating in a research report on Monday, August 9th. Morgan Stanley increased their price objective on shares of DraftKings from $58.00 to $60.00 and gave the stock an overweight rating in a research report on Thursday, July 29th. Argus lowered their price objective on shares of DraftKings from $78.00 to $60.00 and set a buy rating for the company in a research report on Monday, May 24th. Oppenheimer started coverage on shares of DraftKings in a research report on Wednesday, July 7th. They set a buy rating and a $80.00 price objective for the company. Finally, Needham & Company LLC started coverage on shares of DraftKings in a research report on Monday, August 9th. They set a buy rating and a $73.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $69.58.


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Shares of NASDAQ DKNG opened at $59.05 on Tuesday. The company has a 50 day simple moving average of $53.16 and a 200-day simple moving average of $55.17. The company has a market capitalization of $23.81 billion, a P/E ratio of -17.89 and a beta of 1.94. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.72 and a quick ratio of 4.72. DraftKings has a 1 year low of $34.90 and a 1 year high of $74.38.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, August 6th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.61) by ($0.15). The firm had revenue of $297.61 million for the quarter, compared to analyst estimates of $240.84 million. DraftKings had a negative return on equity of 55.33% and a negative net margin of 118.88%. As a group, research analysts expect that DraftKings will post -3.2 EPS for the current year.


In related news, Director Hany M. Nada sold 225,000 shares of DraftKings stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $60.01, for a total transaction of $13,502,250.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 333,334 shares of DraftKings stock in a transaction on Friday, July 16th. The shares were sold at an average price of $44.08, for a total transaction of $14,693,362.72. Following the completion of the transaction, the insider now owns 4,645,949 shares in the company, valued at $204,793,431.92. The disclosure for this sale can be found here. Insiders have sold a total of 4,186,031 shares of company stock worth $224,190,855 over the last quarter. 62.00% of the stock is owned by company insiders.


Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of DraftKings by 2.8% in the second quarter. Vanguard Group Inc. now owns 24,780,320 shares of the company’s stock valued at $1,292,790,000 after acquiring an additional 676,174 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of DraftKings by 4.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 19,298,544 shares of the company’s stock valued at $1,006,805,000 after acquiring an additional 898,989 shares in the last quarter. ARK Investment Management LLC boosted its holdings in shares of DraftKings by 211.5% in the second quarter. ARK Investment Management LLC now owns 13,628,251 shares of the company’s stock valued at $710,986,000 after acquiring an additional 9,252,827 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of DraftKings by 62.0% in the second quarter. BlackRock Inc. now owns 13,551,080 shares of the company’s stock valued at $706,960,000 after acquiring an additional 5,184,055 shares in the last quarter. Finally, Achmea Investment Management B.V. boosted its holdings in shares of DraftKings by 88,968.0% in the second quarter. Achmea Investment Management B.V. now owns 10,011,240 shares of the company’s stock valued at $12,450,000 after acquiring an additional 10,000,000 shares in the last quarter. 61.91% of the stock is currently owned by institutional investors and hedge funds.


About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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