DraftKings (NASDAQ:DKNG – Get Rating ) Stock Target Advisors reported that stock analysts at Morgan Stanley dropped their price objective on the stock from $28.00 to $20.00 in a note to investors on Monday. The firm currently has an “Overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 45.56% from the company’s current price.
Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group cut their price target on DraftKings from $32.00 to $28.00 and set a “buy” rating for the company in a report on Monday, November 7th. Susquehanna upped their target price on DraftKings from $20.00 to $24.00 and gave the stock a “positive” rating in a report on Tuesday, September 6th. Truist Financial decreased their target price on DraftKings from $20.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, October 25th. Canaccord Genuity Group decreased their target price on DraftKings from $32.00 to $28.00 and set a “buy” rating for the company in a report on Monday, November 7th. Finally, BNP Paribas assumed coverage on DraftKings in a report on Thursday, October 6th. He gave the company an “underperform” rating. Two analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $23.96.
Draft Kings stock down 8.7%
DraftKings stock traded down $1.31 during trading on Monday, hitting $13.74. The stock had a trading volume of 613,974 shares, compared to its average volume of 23,368,875. The company has a 50-day moving average of $15.05 and a two-hundred-day moving average of $14.62. The company has a market cap of $11.57 billion, a PE ratio of -3.99 and a beta of 1.77. Draft Kings has a fifty-two week low of $9.77 and a fifty-two week high of $37.71.
Corporate Business of DraftKings
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in DraftKings by 3.0% during the 1st quarter. Arizona State Retirement System now owns 90,512 shares of the company’s stock valued at $1,762,000 after buying an additional 2,642 shares during the last quarter. Walker Asset Management LLC purchased a new stake in DraftKings in the 2nd quarter valued at about $403,000. JW Cole Advisors Inc. purchased a new stake in DraftKings in the 1st quarter valued at approximately $26,000. Bellpoint Asset Management LLC increased its holdings in DraftKings by 4.5% during the 2nd quarter. Bellpoint Asset Management LLC now owns 22,610 shares of the company’s stock valued at $264,000 after purchasing an additional 979 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in DraftKings by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 306,023 shares of the company’s stock valued at $3,571,000 after purchasing an additional 8,938 shares in the last quarter. 29.18% of shares are owned by institutional investors.
DraftKings Company Profile
DraftKings Inc operates a digital sports entertainment and gaming company. It provides multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as iGaming product and gaming brand Golden Nugget Online Gaming in 3 states.
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