TD Cowen Lowers DraftKings (NASDAQ:DKNG) Price Target to $51.00

DraftKings (NASDAQ:DKNG) had its target price dropped by equities research analysts at TD Cowen from $55.00 to $51.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 24.08% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Barclays lifted their price target on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Susquehanna lowered their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.92.

DraftKings Stock Down 0.7 %

Shares of DKNG traded down $0.29 during midday trading on Tuesday, hitting $41.10. The company had a trading volume of 7,923,081 shares, compared to its average volume of 7,483,774. The company’s 50 day moving average price is $40.43 and its 200 day moving average price is $38.26. The stock has a market cap of $36.20 billion, a price-to-earnings ratio of -46.73, a PEG ratio of 3.14 and a beta of 1.93. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities research analysts predict that DraftKings will post -0.93 EPS for the current year.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 963,742 shares of company stock valued at $38,082,888. Insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds have recently added to or reduced their stakes in DKNG. IFP Advisors Inc boosted its stake in shares of DraftKings by 23.1% in the fourth quarter. IFP Advisors Inc now owns 41,477 shares of the company’s stock valued at $1,543,000 after buying an additional 7,785 shares in the last quarter. Greystone Financial Group LLC increased its position in shares of DraftKings by 2.5% in the fourth quarter. Greystone Financial Group LLC now owns 19,949 shares of the company’s stock worth $742,000 after acquiring an additional 490 shares in the last quarter. Compass Capital Corp MA ADV acquired a new stake in shares of DraftKings in the fourth quarter worth $359,000. Concurrent Investment Advisors LLC grew its holdings in DraftKings by 19.1% during the 4th quarter. Concurrent Investment Advisors LLC now owns 18,224 shares of the company’s stock valued at $678,000 after purchasing an additional 2,927 shares in the last quarter. Finally, Bryn Mawr Capital Management LLC bought a new position in DraftKings during the 4th quarter valued at $874,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

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.