DraftKings (NASDAQ:DKNG) PT Lowered to $48.00

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

Other equities research analysts have also recently issued research reports about the stock. Benchmark increased their price target on shares of DraftKings from $50.00 to $52.00 and gave the company a buy rating in a research report on Friday, May 3rd. The Goldman Sachs Group started coverage on shares of DraftKings in a research report on Tuesday, April 16th. They issued a buy rating and a $60.00 target price for the company. Wells Fargo & Company dropped their target price on shares of DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a research report on Tuesday, June 25th. Macquarie dropped their target price on shares of DraftKings from $54.00 to $52.00 and set an outperform rating for the company in a research report on Thursday, July 18th. Finally, Morgan Stanley raised their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $47.97.

DraftKings Trading Down 1.3 %

DKNG traded down $0.40 during trading on Friday, hitting $31.40. 7,418,939 shares of the stock traded hands, compared to its average volume of 10,935,746. The firm has a market capitalization of $27.29 billion, a P/E ratio of -27.22 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. The firm has a 50-day moving average of $37.56 and a 200 day moving average of $40.99. DraftKings has a 12-month low of $25.41 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly 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. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.17) EPS. Equities research analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insider Activity

In other news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Paul Liberman sold 668,890 shares of the firm’s 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 accessible through this link. Also, Director Harry Sloan sold 250,000 shares of the firm’s 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 completion of the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock valued at $55,279,617 in the last 90 days. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently made changes to their positions in DKNG. Norges Bank purchased a new position in shares of DraftKings in the fourth quarter worth approximately $192,140,000. First Trust Advisors LP lifted its holdings in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in DraftKings during the fourth quarter valued at approximately $87,829,000. Vanguard Group Inc. lifted its holdings in DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in DraftKings by 1,048.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. Hedge funds and other 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.