DraftKings (NASDAQ:DKNG) Receives “Overweight” Rating from Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of DraftKings (NASDAQ:DKNG) in a research report report published on Wednesday morning, Benzinga reports. They currently have a $47.00 price objective on the stock.

DKNG has been the topic of several other reports. Barclays dropped their target price on shares of DraftKings from $53.00 to $43.00 and set an overweight rating on the stock in a research report on Monday, August 5th. Oppenheimer dropped their target price on shares of DraftKings from $58.00 to $55.00 and set an outperform rating on the stock in a research report on Monday, August 5th. UBS Group lifted their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a buy rating in a research report on Wednesday, September 4th. The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a research report on Monday, August 5th. Finally, Susquehanna lifted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock a positive rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $49.78.

DraftKings Stock Up 5.0 %

NASDAQ DKNG opened at $38.44 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50 day simple moving average is $35.23 and its 200 day simple moving average is $39.64. DraftKings has a 12 month low of $25.73 and a 12 month high of $49.57. The company has a market capitalization of $33.41 billion, a P/E ratio of -32.58 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm earned ($0.17) EPS. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. Equities research analysts expect that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company’s stock, valued at $9,537,500. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,470,537 shares of company stock worth $54,321,570. 51.19% of the stock is owned by insiders.

Hedge Funds Weigh In On DraftKings

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new position in DraftKings during the 2nd quarter valued at $1,530,000. Coronation Fund Managers Ltd. raised its stake in DraftKings by 6.9% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 296,419 shares of the company’s stock valued at $11,314,000 after purchasing an additional 19,127 shares during the last quarter. Truist Financial Corp raised its stake in DraftKings by 3.4% during the 2nd quarter. Truist Financial Corp now owns 122,608 shares of the company’s stock valued at $4,680,000 after purchasing an additional 3,975 shares during the last quarter. EP Wealth Advisors LLC raised its stake in DraftKings by 22.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 8,684 shares of the company’s stock valued at $331,000 after purchasing an additional 1,602 shares during the last quarter. Finally, Quarry LP acquired a new position in DraftKings during the 2nd quarter valued at $87,000. 37.70% 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 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.