DraftKings (NASDAQ:DKNG) Price Target Cut to $53.00

DraftKings (NASDAQ:DKNG) had its price target lowered by equities researchers at Wells Fargo & Company from $54.00 to $53.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 40.70% from the company’s previous close.

Other analysts also recently issued reports about the stock. Berenberg Bank raised shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. Jefferies Financial Group upped their target price 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. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. BMO Capital Markets upped their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Finally, The Goldman Sachs Group initiated coverage on shares of DraftKings in a research report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.24.

DraftKings Trading Down 0.9 %

Shares of DKNG opened at $37.67 on Tuesday. The firm has a market cap of $32.74 billion, a price-to-earnings ratio of -31.92 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. DraftKings has a fifty-two week low of $24.97 and a fifty-two week high of $49.57. The firm has a 50 day moving average price of $40.90 and a 200-day moving average price of $40.59.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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 return on equity of 62.74% and a negative net margin of 13.45%. The firm 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 firm earned ($0.87) earnings per share. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. As a group, equities research analysts forecast that DraftKings will post -0.22 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was 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 $121,576,004.05. The disclosure for this sale can be found here. Insiders have sold 851,450 shares of company stock worth $35,023,584 in the last quarter. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Highlander Capital Management LLC increased its holdings in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after acquiring an additional 450 shares in the last quarter. LRI Investments LLC purchased a new stake in DraftKings during the 1st quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings during the 1st quarter valued at approximately $33,000. Transcendent Capital Group LLC purchased a new stake in DraftKings during the 4th quarter valued at approximately $26,000. Finally, Concord Wealth Partners grew its holdings in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares in the last quarter. 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.