DraftKings (NASDAQ:DKNG) Upgraded at Northland Capmk

Northland Capmk upgraded shares of DraftKings (NASDAQ:DKNG) from a strong sell rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

DKNG has been the subject of a number of other research reports. BTIG Research decreased their price objective on shares of DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Guggenheim reduced their target price on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday. Bank of America downgraded DraftKings from a “buy” rating to a “neutral” rating and lowered their price target for the company from $48.00 to $35.00 in a report on Tuesday, November 4th. UBS Group decreased their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Finally, Sanford C. Bernstein dropped their target price on DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a report on Monday. Twenty-six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.66.

DraftKings Trading Up 3.3%

Shares of NASDAQ DKNG opened at $31.51 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. DraftKings has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a market cap of $15.68 billion, a price-to-earnings ratio of -55.28, a P/E/G ratio of 1.02 and a beta of 1.86. The business has a fifty day simple moving average of $36.86 and a 200-day simple moving average of $39.38.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm posted ($0.60) EPS. DraftKings’s quarterly revenue was up 4.4% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts predict that DraftKings will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director owned 402 shares in the company, valued at approximately $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the completion of the sale, the insider owned 500,454 shares of the company’s stock, valued at $14,513,166. This trade represents a 9.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 337,916 shares of company stock worth $14,118,881 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in DraftKings by 1.6% during the second quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock valued at $1,876,924,000 after buying an additional 670,884 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after acquiring an additional 130,434 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of DraftKings by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock valued at $385,552,000 after acquiring an additional 458,452 shares in the last quarter. Norges Bank acquired a new stake in DraftKings in the 2nd quarter worth approximately $362,554,000. Finally, Baillie Gifford & Co. lifted its holdings in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after purchasing an additional 1,756,778 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.