DraftKings (NASDAQ:DKNG) Upgraded at Northland Securities

DraftKings (NASDAQ:DKNG) was upgraded by stock analysts at Northland Securities from an “under perform” rating to a “market perform” rating in a note issued to investors on Monday,Finviz reports.

A number of other analysts have also issued reports on DKNG. Canaccord Genuity Group lowered their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday. Susquehanna dropped their target price on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a report on Monday. BTIG Research lowered their price target on shares of DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday. Citigroup reissued a “neutral” rating on shares of DraftKings in a research note on Wednesday, October 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Twenty-six analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.69.

DraftKings Stock Performance

DKNG opened at $30.40 on Monday. The firm’s fifty day simple moving average is $37.88 and its two-hundred day simple moving average is $39.48. DraftKings has a 52-week low of $26.23 and a 52-week high of $53.61. The company has a market cap of $15.09 billion, a price-to-earnings ratio of -53.33, a PEG ratio of 1.03 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.60) EPS. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total value of $5,000,092.98. Following the transaction, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. This represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the transaction, the director owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 552,777 shares of company stock worth $23,337,924. Insiders own 47.08% of the company’s stock.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of DKNG. Bank of Jackson Hole Trust purchased a new position in shares of DraftKings in the first quarter valued at approximately $31,000. Root Financial Partners LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $33,000. TD Private Client Wealth LLC boosted its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares during the period. Summit Securities Group LLC boosted its position in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the period. Finally, AlphaQuest LLC acquired a new position in shares of DraftKings in the third quarter worth $41,000. 37.70% of the stock is currently owned by hedge funds and other 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.