DraftKings (NASDAQ:DKNG) PT Lowered to $48.00

DraftKings (NASDAQ:DKNG) had its price target decreased by BMO Capital Markets from $54.00 to $48.00 in a report published on Friday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

DKNG has been the subject of a number of other research reports. Susquehanna cut their price target on shares of DraftKings from $49.00 to $47.00 and set a positive rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a research note on Tuesday, June 25th. Bank of America cut their target price on shares of DraftKings from $54.00 to $50.00 and set a buy rating for the company in a research note on Monday, July 22nd. Guggenheim cut their target price on shares of DraftKings from $53.00 to $52.00 and set a buy rating for the company in a research note on Wednesday, June 26th. Finally, BTIG Research lifted their target price on shares of DraftKings from $53.00 to $55.00 and gave the company a buy rating in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, DraftKings currently has an average rating of Moderate Buy and an average price target of $47.97.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.40 during midday trading on Friday, hitting $31.40. The company’s stock had a trading volume of 7,418,939 shares, compared to its average volume of 10,935,746. The stock has a market capitalization of $27.29 billion, a price-to-earnings ratio of -27.22 and a beta of 1.81. The stock’s 50 day simple moving average is $37.56 and its 200 day simple moving average is $40.99. DraftKings has a fifty-two week low of $25.41 and a fifty-two week high of $49.57. 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 (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company earned ($0.17) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. As a group, research analysts anticipate that DraftKings will post -0.31 earnings per share for the current year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were 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 owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Harry Sloan sold 250,000 shares of the business’s 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 sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. 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 business’s stock in a transaction on Wednesday, May 8th. The shares were 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 in the company, valued at $121,576,004.05. The disclosure for this sale can be found here. Insiders sold 1,383,546 shares of company stock valued at $55,279,617 in the last quarter. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Highlander Capital Management LLC increased its stake in shares of DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares during the last quarter. LRI Investments LLC acquired a new position in shares of DraftKings during the 1st quarter worth about $31,000. LifeSteps Financial Inc. acquired a new position in shares of DraftKings during the 1st quarter worth about $33,000. Transcendent Capital Group LLC acquired a new position in shares of DraftKings during the 4th quarter worth about $26,000. Finally, Concord Wealth Partners increased its stake in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Company Profile

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.