Fintel reports that on August 8, 2023, Truist Securities upgraded their outlook for DraftKings Inc. – (NASDAQ:DKNG) from Hold to Buy.

Analyst Price Forecast Suggests 0.37% Upside

As of August 2, 2023, the average one-year price target for DraftKings Inc. – is 31.75. The forecasts range from a low of 20.20 to a high of $40.95. The average price target represents an increase of 0.37% from its latest reported closing price of 31.63.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for DraftKings Inc. – is 2,972MM, a decrease of 0.99%. The projected annual non-GAAP EPS is -2.50.

What is the Fund Sentiment?

There are 828 funds or institutions reporting positions in DraftKings Inc. -. This is an increase of 70 owner(s) or 9.23% in the last quarter. Average portfolio weight of all funds dedicated to DKNG is 0.46%, an increase of 9.21%. Total shares owned by institutions decreased in the last three months by 3.06% to 305,652K shares. The put/call ratio of DKNG is 0.89, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital Research Global Investors holds 18,079K shares representing 3.90% ownership of the company. In it’s prior filing, the firm reported owning 13,995K shares, representing an increase of 22.59%. The firm increased its portfolio allocation in DKNG by 107.35% over the last quarter.

ARK Investment Management holds 18,060K shares representing 3.89% ownership of the company. In it’s prior filing, the firm reported owning 23,931K shares, representing a decrease of 32.51%. The firm decreased its portfolio allocation in DKNG by 0.23% over the last quarter.

ARKK – ARK Innovation ETF holds 14,773K shares representing 3.18% ownership of the company. In it’s prior filing, the firm reported owning 16,501K shares, representing a decrease of 11.70%. The firm increased its portfolio allocation in DKNG by 49.37% over the last quarter.

Nikko Asset Management Americas holds 13,163K shares representing 2.84% ownership of the company. In it’s prior filing, the firm reported owning 13,992K shares, representing a decrease of 6.30%. The firm increased its portfolio allocation in DKNG by 26.26% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 11,930K shares representing 2.57% ownership of the company. In it’s prior filing, the firm reported owning 11,607K shares, representing an increase of 2.71%. The firm increased its portfolio allocation in DKNG by 61.32% over the last quarter.

DraftKings Background Information
(This description is provided by the company.)

DraftKings is an American daily fantasy sports contest and sports betting company. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual player performances in five major American sports (MLB, the NHL, the NFL, the NBA and the PGA), Premier League and UEFA Champions League football, NASCAR auto racing, Canadian Football League, the XFL, mixed martial arts (MMA), Tennis, All Elite Wrestling (AEW), and WWE.

This article originally appeared on Fintel

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.