DraftKings (NASDAQ:DKNG) Price Target Cut to $58.00 by Analysts at Oppenheimer

DraftKings (NASDAQ:DKNG) had its price target reduced by Oppenheimer from $60.00 to $58.00 in a report released on Monday morning, Marketbeat reports. They currently have an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. Guggenheim decreased their target price on shares of DraftKings from $53.00 to $52.00 and set a buy rating for the company in a report on Wednesday, June 26th. Wells Fargo & Company decreased their target price on shares of DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a report on Tuesday, June 25th. Mizuho began coverage on shares of DraftKings in a report on Tuesday, March 26th. They issued a buy rating and a $58.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their target price on shares of DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a report on Monday, May 6th. Finally, Moffett Nathanson raised their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of Moderate Buy and a consensus target price of $49.17.

DraftKings Stock Performance

Shares of DKNG opened at $37.44 on Monday. The firm’s 50 day moving average is $40.38 and its 200-day moving average is $40.58. The stock has a market capitalization of $32.54 billion, a P/E ratio of -31.73 and a beta of 1.81. 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 $24.97 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion during 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%. The business’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.87) EPS. Equities research analysts anticipate that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Activity

In other news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 transaction of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at $9,537,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. 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 90 days. 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 bought and sold shares of the stock. Vanguard Group Inc. boosted its stake 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. boosted its stake in DraftKings by 39.4% during the third 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 acquired a new stake in DraftKings during the fourth quarter worth $192,140,000. Ameriprise Financial Inc. boosted its stake in DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted 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 buying an additional 781,058 shares in the last quarter. 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.