Wells Fargo & Company Lowers DraftKings (NASDAQ:DKNG) Price Target to $53.00

DraftKings (NASDAQ:DKNG) had its price objective reduced by investment analysts at Wells Fargo & Company from $54.00 to $53.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 35.14% from the stock’s current price.

DKNG has been the topic of several other reports. BMO Capital Markets upped their price objective on shares of DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, May 6th. Jefferies Financial Group upped their price objective on shares of DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a report on Monday, May 6th. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a report on Wednesday, June 5th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Wednesday, June 12th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.00.

DraftKings Stock Down 2.0 %

DKNG traded down $0.79 during trading on Tuesday, reaching $39.22. 647,617 shares of the stock were exchanged, compared to its average volume of 11,349,036. The stock has a market cap of $34.09 billion, a P/E ratio of -33.24 and a beta of 1.81. DraftKings has a twelve month low of $24.67 and a twelve month high of $49.57. The stock’s 50 day moving average price is $41.04 and its two-hundred day moving average price is $40.57. 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 issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.87) earnings per share. Equities analysts expect that DraftKings will post -0.21 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now 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 accessible through the SEC website. In other DraftKings news, Director Harry Sloan sold 250,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares in the company, valued at $121,576,004.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 851,450 shares of company stock valued at $35,023,584. 48.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Highlander Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 450 shares in the last quarter. LRI Investments LLC bought a new position in shares of DraftKings in the 1st quarter worth $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings in the 1st quarter worth $33,000. Transcendent Capital Group LLC bought a new position in shares of DraftKings in the 4th quarter worth $26,000. Finally, Concord Wealth Partners lifted its stake 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 acquiring an additional 453 shares in the last quarter. 37.70% of the stock is currently owned by 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.