DraftKings (NASDAQ:DKNG) Price Target Lowered to $50.00 at Macquarie

DraftKings (NASDAQ:DKNG) had its price objective reduced by equities research analysts at Macquarie from $52.00 to $50.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price target indicates a potential upside of 56.79% from the company’s current price.

Other equities research analysts have also issued reports about the company. UBS Group increased their target price on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Wells Fargo & Company reduced their target price on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday. Oppenheimer dropped their price target on shares of DraftKings from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Monday, July 1st. Finally, BMO Capital Markets reduced their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $48.30.

DraftKings Stock Performance

DKNG traded down $0.13 during trading hours on Monday, hitting $31.89. 7,970,751 shares of the stock were exchanged, compared to its average volume of 10,899,472. The stock has a market cap of $27.72 billion, a price-to-earnings ratio of -27.01 and a beta of 1.81. The stock has a 50-day simple moving average of $37.74 and a 200-day simple moving average of $41.03. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 12 month low of $25.41 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. DraftKings’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Analysts anticipate that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The disclosure for this sale can be found here. Insiders sold a total of 1,383,546 shares of company stock valued at $55,279,617 over the last ninety days. 51.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently made changes to their positions in the company. Hudock Inc. acquired a new stake in shares of DraftKings during the 2nd quarter worth approximately $283,000. First Dallas Securities Inc. grew its holdings in DraftKings by 64.1% during the 2nd quarter. First Dallas Securities Inc. now owns 76,800 shares of the company’s stock worth $2,931,000 after acquiring an additional 30,000 shares during the period. TD Asset Management Inc raised its position in shares of DraftKings by 1,009.0% during the 2nd quarter. TD Asset Management Inc now owns 768,139 shares of the company’s stock valued at $29,320,000 after acquiring an additional 698,877 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of DraftKings by 58.9% in the 2nd quarter. Larson Financial Group LLC now owns 1,775 shares of the company’s stock valued at $68,000 after purchasing an additional 658 shares during the period. Finally, Financial Enhancement Group LLC grew its stake in shares of DraftKings by 94.7% during the second quarter. Financial Enhancement Group LLC now owns 94,414 shares of the company’s stock worth $3,351,000 after purchasing an additional 45,922 shares during the period. Institutional investors 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.