DraftKings (NASDAQ:DKNG) Given New $50.00 Price Target at Macquarie

DraftKings (NASDAQ:DKNG) had its target price trimmed by Macquarie from $52.00 to $50.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

DKNG has been the subject of several other reports. Guggenheim lowered 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. Bank of America dropped their target price on DraftKings from $54.00 to $50.00 and set a buy rating on the stock in a report on Monday, July 22nd. Needham & Company LLC reaffirmed a buy rating and issued a $60.00 price target on shares of DraftKings in a research report on Monday. Berenberg Bank upgraded shares of DraftKings to a hold rating in a research note on Friday, May 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of DraftKings from $34.00 to $35.00 and gave the company a hold rating in a research note on Monday, May 6th. Two research 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’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $47.97.

DraftKings Stock Down 1.3 %

Shares of NASDAQ DKNG traded down $0.42 during mid-day trading on Monday, hitting $31.38. 10,394,439 shares of the stock traded hands, compared to its average volume of 10,957,772. The company has a market cap of $27.28 billion, a price-to-earnings ratio of -27.22 and a beta of 1.81. The stock has a fifty day moving average price of $37.56 and a 200-day moving average price of $40.99. DraftKings has a 52 week low of $25.41 and a 52 week high of $49.57. 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 announced its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion for 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 company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.17) EPS. Research analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other DraftKings news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The disclosure for this sale can be found here. Insiders sold 1,383,546 shares of company stock worth $55,279,617 in the last three months. 51.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp lifted its holdings in shares of DraftKings by 8.3% in the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after acquiring an additional 331 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $213,000. Arizona State Retirement System lifted its stake in shares of DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after purchasing an additional 1,237 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of DraftKings by 6.6% in the 4th quarter. Asset Management One Co. Ltd. now owns 162,966 shares of the company’s stock worth $5,846,000 after purchasing an additional 10,037 shares during the period. Finally, International Assets Investment Management LLC bought a new position in shares of DraftKings during the 4th quarter valued at approximately $7,975,000. 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.