BTIG Research Cuts DraftKings (NASDAQ:DKNG) Price Target to $35.00

DraftKings (NASDAQ:DKNG) had its target price reduced by BTIG Research from $37.00 to $35.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 52.57% from the company’s current price.

A number of other research firms have also recently commented on DKNG. Guggenheim set a $37.00 price objective on DraftKings in a research report on Tuesday, February 17th. Berenberg Bank set a $26.40 price target on shares of DraftKings in a report on Tuesday. Jefferies Financial Group restated a “buy” rating on shares of DraftKings in a research report on Sunday, February 15th. Deutsche Bank Aktiengesellschaft set a $26.00 target price on shares of DraftKings in a research report on Tuesday, February 17th. Finally, Barclays reduced their price target on shares of DraftKings from $44.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, February 17th. Twenty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.76.

DraftKings Price Performance

Shares of DraftKings stock opened at $22.94 on Thursday. The firm has a market cap of $11.31 billion, a PE ratio of -573.50, a P/E/G ratio of 0.92 and a beta of 1.67. DraftKings has a twelve month low of $21.01 and a twelve month high of $48.78. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The business has a 50-day moving average price of $30.21 and a 200 day moving average price of $34.95.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares in the company, valued at $16,005,000. The trade was a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Erik Bradbury sold 7,268 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the completion of the sale, the chief accounting officer directly owned 36,736 shares of the company’s stock, valued at approximately $826,560. This represents a 16.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,822 shares of company stock valued at $3,638,895 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the company. IHT Wealth Management LLC lifted its stake in DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after purchasing an additional 248 shares in the last quarter. Orion Porfolio Solutions LLC lifted its stake in DraftKings by 3.1% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after acquiring an additional 321 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in DraftKings by 7.3% during the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock valued at $179,000 after acquiring an additional 328 shares during the period. Valeo Financial Advisors LLC boosted its holdings in DraftKings by 3.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock valued at $429,000 after acquiring an additional 348 shares during the period. Finally, Huntleigh Advisors Inc. grew its position in DraftKings by 0.8% in the 3rd quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock valued at $1,632,000 after acquiring an additional 363 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.