DraftKings (NASDAQ:DKNG) Stock Rating Reaffirmed by Truist Financial

Truist Financial reissued their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a $50.00 price target on the stock.

Several other research analysts also recently commented on the stock. Berenberg Bank raised shares of DraftKings to a hold rating in a research note on Friday, May 31st. BTIG Research boosted their price objective on shares of DraftKings from $53.00 to $55.00 and gave the company a buy rating in a research report on Monday, May 6th. Guggenheim cut their target price on DraftKings from $53.00 to $52.00 and set a buy rating on the stock in a research note on Wednesday, June 26th. BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an outperform rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley reduced their target price on DraftKings from $51.00 to $47.00 and set an overweight rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, DraftKings has an average rating of Moderate Buy and a consensus target price of $49.44.

DraftKings Stock Performance

NASDAQ DKNG opened at $34.14 on Wednesday. The company has a 50-day simple moving average of $36.73 and a two-hundred day simple moving average of $40.52. DraftKings has a 12-month low of $25.41 and a 12-month high of $49.57. The firm has a market cap of $29.68 billion, a price-to-earnings ratio of -28.93 and a beta of 1.81. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51.

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

Insider Activity at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the transaction, the insider now directly owns 2,668,954 shares in the company, valued at $116,339,704.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of DraftKings 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 owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,383,546 shares of company stock worth $52,889,617. 51.19% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

Hedge funds have recently bought and sold shares of the stock. RDA Financial Network purchased a new position in DraftKings during the 1st quarter valued at $232,000. LRI Investments LLC bought a new position in DraftKings in the first quarter worth about $31,000. CreativeOne Wealth LLC purchased a new stake in DraftKings during the first quarter valued at approximately $297,000. Janney Montgomery Scott LLC lifted its holdings in shares of DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after purchasing an additional 129,294 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of DraftKings by 1.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after purchasing an additional 1,021 shares in the last quarter. Hedge funds and other institutional investors 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.