DraftKings (NASDAQ:DKNG) Now Covered by Analysts at Mizuho

Mizuho initiated coverage on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $58.00 price target on the stock. Mizuho’s price objective would indicate a potential upside of 27.89% from the stock’s current price.

Several other analysts have also recently weighed in on DKNG. Stifel Nicolaus upgraded DraftKings from a “hold” rating to a “buy” rating and boosted their price target for the stock from $40.00 to $45.00 in a report on Friday, January 19th. Susquehanna boosted their price target on DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a report on Monday. Wells Fargo & Company boosted their price target on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Piper Sandler boosted their price target on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Finally, BMO Capital Markets upped their target price on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.14.

DraftKings Stock Down 6.8 %

Shares of NASDAQ DKNG opened at $45.35 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a market cap of $39.30 billion, a price-to-earnings ratio of -25.91 and a beta of 1.87. DraftKings has a 12 month low of $17.42 and a 12 month high of $49.57. The stock has a 50-day moving average price of $42.27 and a two-hundred day moving average price of $36.21.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm’s revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) EPS. As a group, analysts forecast that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the sale, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 510,000 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The disclosure for this sale can be found here. Insiders sold a total of 1,596,101 shares of company stock valued at $65,685,509 in the last ninety days. 55.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Whale Rock Capital Management LLC bought a new position in DraftKings in the 2nd quarter worth about $215,687,000. Jericho Capital Asset Management L.P. boosted its stake in DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares during the period. Geode Capital Management LLC boosted its stake in DraftKings by 8.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,493,912 shares of the company’s stock worth $172,543,000 after purchasing an additional 531,875 shares during the period. Finally, Norges Bank bought a new position in DraftKings in the 4th quarter worth about $192,140,000. 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.