DraftKings (NASDAQ:DKNG) Price Target Cut to $52.00

DraftKings (NASDAQ:DKNG) had its price target dropped by stock analysts at Guggenheim from $53.00 to $52.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price points to a potential upside of 40.12% from the stock’s previous close.

DKNG has been the subject of several other reports. Oppenheimer restated an “outperform” rating and issued a $60.00 target price on shares of DraftKings in a research report on Tuesday, May 28th. Barclays upped their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Mizuho initiated coverage on shares of DraftKings in a research report on Tuesday, March 26th. They set a “buy” rating and a $58.00 price objective for the company. Susquehanna lowered their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a research report on Wednesday, June 5th. Finally, Berenberg Bank upgraded shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.24.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $37.11 on Wednesday. The firm has a 50 day moving average of $40.81 and a 200-day moving average of $40.57. The stock has a market capitalization of $32.26 billion, a PE ratio of -31.81 and a beta of 1.81. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings has a 12 month low of $24.97 and a 12 month high of $49.57.

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). The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. DraftKings’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.87) earnings per share. On average, equities research analysts predict that DraftKings will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction 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 transaction, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction 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 transaction, the director now owns 6,814 shares in the company, valued at $244,758.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold a total of 1,520,340 shares of company stock valued at $60,996,583 over the last ninety days. 51.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after buying an additional 747,937 shares during the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares during the last quarter. Norges Bank purchased a new stake in shares of DraftKings in the fourth quarter valued at about $192,140,000. Ameriprise Financial Inc. raised its holdings in shares of DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after purchasing an additional 781,058 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.