BMO Capital Markets Lowers DraftKings (NASDAQ:DKNG) Price Target to $48.00

DraftKings (NASDAQ:DKNG) had its price target reduced by BMO Capital Markets from $54.00 to $48.00 in a research report released on Friday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Oppenheimer lowered their price objective on DraftKings from $60.00 to $58.00 and set an outperform rating for the company in a research note on Monday, July 1st. Macquarie cut their price target on DraftKings from $54.00 to $52.00 and set an outperform rating on the stock in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft increased their target price on DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a report on Monday, May 6th. Stifel Nicolaus reiterated a buy rating and issued a $50.00 target price on shares of DraftKings in a report on Friday, July 5th. Finally, Guggenheim lowered their price target on DraftKings from $53.00 to $52.00 and set a buy rating for the company in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $49.03.

DraftKings Stock Down 9.8 %

DKNG traded down $3.47 during trading on Friday, reaching $32.02. 23,078,936 shares of the stock were exchanged, compared to its average volume of 7,558,652. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The stock’s 50 day moving average price is $37.74 and its two-hundred day moving average price is $40.94. DraftKings has a twelve month low of $25.41 and a twelve month high of $49.57. The stock has a market cap of $27.83 billion, a P/E ratio of -27.14 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.15. The company 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%. DraftKings’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) earnings per share. Equities analysts expect that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction dated 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 approximately $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction 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 SEC, which is available at this link. Also, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction 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 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 90 days, insiders have sold 1,383,546 shares of company stock worth $55,279,617. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC acquired a new stake in shares of DraftKings during the fourth quarter worth about $7,975,000. RDA Financial Network acquired a new stake in shares of DraftKings in the 1st quarter worth approximately $232,000. Arizona State Retirement System lifted its stake in 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 buying an additional 1,237 shares in the last quarter. Fifth Third Bancorp lifted its stake in 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 buying an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in DraftKings in the 1st quarter valued at approximately $31,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.