DraftKings (NASDAQ:DKNG) PT Lowered to $58.00

DraftKings (NASDAQ:DKNG) had its price objective cut by Oppenheimer from $60.00 to $58.00 in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price would suggest a potential upside of 57.01% from the stock’s current price.

A number of other research analysts have also recently issued reports on DKNG. JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 price objective on shares of DraftKings in a report on Thursday, March 28th. UBS Group lifted their price target on DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Stifel Nicolaus cut their price target on DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. Barclays lifted their price target on DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Finally, Guggenheim cut their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

DraftKings Stock Down 1.0 %

DKNG opened at $36.94 on Monday. DraftKings has a fifty-two week low of $24.97 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s fifty day moving average price is $40.52 and its two-hundred day moving average price is $40.62. The company has a market capitalization of $32.11 billion, a P/E ratio of -31.31 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm earned ($0.87) EPS. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. On average, analysts anticipate that DraftKings will post -0.24 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,520,340 shares of company stock worth $60,996,583. Corporate insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Large investors have recently added to or reduced their stakes in the business. Highlander Capital Management LLC raised its stake in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings during the 4th quarter worth $26,000. Montag A & Associates Inc. acquired a new stake in shares of DraftKings during the 4th quarter worth $29,000. LRI Investments LLC acquired a new stake in shares of DraftKings during the 1st quarter worth $31,000. Finally, LifeSteps Financial Inc. acquired a new stake in shares of DraftKings during the 1st quarter worth $33,000. Institutional investors own 37.70% of the company’s stock.

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.