DraftKings (NASDAQ:DKNG) Given New $58.00 Price Target at Oppenheimer

DraftKings (NASDAQ:DKNG) had its price target lowered by investment analysts at Oppenheimer from $60.00 to $58.00 in a report released on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 51.95% from the stock’s current price.

A number of other equities research analysts have also recently commented on DKNG. UBS Group raised their price objective on DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. BTIG Research upped 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. Susquehanna decreased their target price 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. Barclays raised their price target on shares of DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Finally, Morgan Stanley boosted their price objective on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.17.

DraftKings Price Performance

DraftKings stock opened at $38.17 on Monday. The stock’s 50 day moving average price is $40.67 and its two-hundred day moving average price is $40.61. The stock has a market capitalization of $33.18 billion, a price-to-earnings ratio of -32.35 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 52-week low of $24.97 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the business posted ($0.87) earnings per share. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. On average, equities analysts predict that DraftKings will post -0.24 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the transaction, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $52,084.00. Following the completion of the transaction, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the sale, the insider now directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The disclosure for this sale can be found here. Insiders sold 1,520,340 shares of company stock worth $60,996,583 over the last quarter. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position 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 in the last quarter. Jericho Capital Asset Management L.P. grew its stake in DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after buying an additional 2,022,000 shares in the last quarter. Norges Bank bought a new position in shares of DraftKings in the 4th quarter worth $192,140,000. Ameriprise Financial Inc. raised its position in DraftKings by 345.7% during 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in DraftKings by 21.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after purchasing an additional 781,058 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other 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.