DraftKings (NASDAQ:DKNG) Price Target Cut to $53.00 by Analysts at Truist Financial

DraftKings (NASDAQ:DKNG) had its target price cut by Truist Financial from $55.00 to $53.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently weighed in on DKNG. Benchmark boosted their price target on DraftKings from $50.00 to $52.00 and gave the company a buy rating in a research note on Friday, May 3rd. Mizuho initiated coverage on shares of DraftKings in a report on Tuesday, March 26th. They issued a buy rating and a $58.00 price target on the stock. Jefferies Financial Group raised their price target on shares of DraftKings from $52.00 to $54.00 and gave the stock a buy rating in a research report on Monday, May 6th. Moffett Nathanson upped their price objective on shares of DraftKings from $52.00 to $55.00 and gave the company a buy rating in a report on Thursday, March 28th. Finally, The Goldman Sachs Group initiated coverage on shares of DraftKings in a report on Tuesday, April 16th. They set a buy rating and a $60.00 target price for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $49.66.

DraftKings Stock Performance

DKNG stock opened at $36.93 on Thursday. DraftKings has a one year low of $25.41 and a one year high of $49.57. The firm has a market cap of $32.10 billion, a price-to-earnings ratio of -31.30 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50-day simple moving average of $39.23 and a two-hundred day simple moving average of $40.86.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the business earned ($0.87) earnings per share. The business’s revenue for the quarter was up 52.7% compared to the same quarter last year. On average, equities analysts forecast that DraftKings will post -0.29 EPS for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the transaction, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the completion of the sale, the insider now directly owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The disclosure for this sale can be found here. Insiders sold 1,383,546 shares of company stock worth $55,279,617 over the last three months. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter valued at approximately $7,975,000. RDA Financial Network acquired a new position in shares of DraftKings in the 1st quarter valued at $232,000. Arizona State Retirement System grew its holdings in shares of DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after purchasing an additional 1,237 shares during the period. Fifth Third Bancorp increased its position in shares of DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in DraftKings by 135.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after buying an additional 129,294 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.