BofA Securities Begins Coverage on Draftkings (NASDAQ:DKNG)

BofA Securities initiated coverage on shares of Draftkings (NASDAQ:DKNG) in a research note released on Tuesday, Briefing.com reports. The firm issued a neutral rating and a $40.00 price objective on the stock.

A number of other analysts have also weighed in on DKNG. Jefferies Financial Group restated a buy rating and issued a $55.00 target price on shares of Draftkings in a research report on Monday, August 17th. Cannonball Research started coverage on shares of Draftkings in a research report on Tuesday, May 26th. They issued a buy rating and a $35.00 target price on the stock. Susquehanna Bancshares raised their price target on shares of Draftkings from $35.00 to $48.00 in a research note on Wednesday, June 3rd. Truist started coverage on shares of Draftkings in a research note on Wednesday, September 2nd. They set a hold rating and a $39.00 price target for the company. Finally, Northland Securities reaffirmed a buy rating and set a $50.00 price target on shares of Draftkings in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. Draftkings currently has a consensus rating of Buy and an average price target of $45.00.

NASDAQ DKNG opened at $41.46 on Tuesday. Draftkings has a 1 year low of $9.84 and a 1 year high of $44.79. The stock’s 50 day moving average price is $35.79.

Draftkings (NASDAQ:DKNG) last issued its earnings results on Friday, August 14th. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.40). Analysts forecast that Draftkings will post -1.24 earnings per share for the current fiscal year.

In other Draftkings news, insider Jason Robins sold 548,862 shares of Draftkings stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $38.80, for a total value of $21,295,845.60. Following the completion of the sale, the insider now directly owns 758,050 shares of the company’s stock, valued at $29,412,340. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 796,348 shares of Draftkings stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total transaction of $30,898,302.40. Following the completion of the sale, the insider now directly owns 106,021 shares of the company’s stock, valued at $4,113,614.80. The disclosure for this sale can be found here. Insiders have sold 1,471,338 shares of company stock valued at $57,087,914 in the last three months.

A number of institutional investors and hedge funds have recently bought and sold shares of DKNG. US Bancorp DE bought a new stake in Draftkings in the second quarter valued at $26,000. Bedel Financial Consulting Inc. acquired a new position in shares of Draftkings during the second quarter valued at about $27,000. tru Independence LLC acquired a new position in shares of Draftkings during the second quarter valued at about $28,000. Edge Wealth Management LLC acquired a new position in shares of Draftkings during the second quarter valued at about $38,000. Finally, Signaturefd LLC acquired a new position in shares of Draftkings during the second quarter valued at about $49,000. 51.47% of the stock is owned by hedge funds and other institutional investors.

Draftkings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for Draftkings (NASDAQ:DKNG)

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