DraftKings (NASDAQ:DKNG) PT Lowered to $50.00 at Truist Financial

DraftKings (NASDAQ:DKNG) had its target price trimmed by Truist Financial from $53.00 to $50.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on DKNG. Wells Fargo & Company dropped their price objective on DraftKings from $53.00 to $47.00 and set an overweight rating on the stock in a report on Monday. Oppenheimer dropped their price objective on DraftKings from $60.00 to $58.00 and set an outperform rating on the stock in a report on Monday, July 1st. Benchmark dropped their price objective on DraftKings from $52.00 to $41.00 and set a buy rating on the stock in a report on Friday. UBS Group increased their price objective on DraftKings from $56.00 to $60.00 and gave the stock a buy rating in a report on Wednesday, May 15th. Finally, BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an outperform rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $47.97.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $0.42 during trading on Monday, reaching $31.38. 10,394,439 shares of the stock traded hands, compared to its average volume of 10,957,772. DraftKings has a 52-week low of $25.41 and a 52-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 company has a 50-day moving average of $37.56 and a 200-day moving average of $40.99. The stock has a market capitalization of $27.28 billion, a P/E ratio of -27.22 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.17) EPS. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. Analysts forecast that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the transaction, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock worth $55,279,617 in the last ninety days. 51.19% of the stock is owned by insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds have recently made changes to their positions in DKNG. Transcendent Capital Group LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $26,000. Montag A & Associates Inc. purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $29,000. LRI Investments LLC purchased a new position in shares of DraftKings during the first quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new position in shares of DraftKings during the first quarter valued at approximately $33,000. Finally, Concord Wealth Partners increased its stake in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.