DraftKings (NASDAQ:DKNG) Given New $42.00 Price Target at BTIG Research

DraftKings (NASDAQ:DKNG) had its price objective decreased by BTIG Research from $45.00 to $42.00 in a research note published on Friday morning,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on DKNG. Sanford C. Bernstein lowered their price objective on shares of DraftKings from $55.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Barclays reissued an “overweight” rating and set a $54.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and cut their target price for the stock from $48.00 to $35.00 in a research report on Tuesday. Finally, Truist Financial decreased their price target on DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, October 21st. Twenty-six analysts have rated the stock with a Buy rating, two have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $51.83.

DraftKings Price Performance

NASDAQ DKNG traded up $2.42 on Friday, reaching $30.40. 41,948,305 shares of the stock traded hands, compared to its average volume of 18,446,818. DraftKings has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a market cap of $15.09 billion, a price-to-earnings ratio of -53.33, a P/E/G ratio of 0.95 and a beta of 1.86. The firm’s fifty day simple moving average is $37.88 and its 200 day simple moving average is $39.40. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the company earned ($0.60) EPS. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts predict that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director owned 402 shares of the company’s stock, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. This represents a 76.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 552,777 shares of company stock worth $23,337,924 over the last 90 days. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Bank of Jackson Hole Trust acquired a new position in DraftKings during the 1st quarter worth $31,000. Root Financial Partners LLC bought a new position in shares of DraftKings in the third quarter worth about $33,000. TD Private Client Wealth LLC lifted its position in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Summit Securities Group LLC boosted its stake in DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares during the period. Finally, AlphaQuest LLC acquired a new stake in shares of DraftKings during the 3rd quarter valued at about $41,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.