Wells Fargo & Company Cuts DraftKings (NASDAQ:DKNG) Price Target to $47.00

DraftKings (NASDAQ:DKNG) had its target price decreased by Wells Fargo & Company from $53.00 to $47.00 in a report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also weighed in on DKNG. Needham & Company LLC restated a buy rating and set a $60.00 target price on shares of DraftKings in a research report on Monday. Oppenheimer cut their price objective on DraftKings from $60.00 to $58.00 and set an outperform rating for the company in a research report on Monday, July 1st. Barclays decreased their target price on DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a research report on Wednesday, July 10th. The Goldman Sachs Group cut their price target on DraftKings from $60.00 to $54.00 and set a buy rating for the company in a report on Monday. Finally, BTIG Research upped their price objective on DraftKings from $53.00 to $55.00 and gave the stock a buy rating in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $49.25.

DraftKings Trading Down 4.0 %

Shares of DKNG stock opened at $30.14 on Monday. 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 has a fifty day simple moving average of $37.34 and a two-hundred day simple moving average of $40.87. The firm has a market capitalization of $26.20 billion, a PE ratio of -25.54 and a beta of 1.81. DraftKings has a 52-week low of $25.41 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. On average, analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 2,668,954 shares in the company, valued at $116,339,704.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the transaction, the insider now directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,183,546 shares of company stock worth $46,745,617. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in DraftKings during the fourth quarter valued at about $7,975,000. RDA Financial Network purchased a new stake in shares of DraftKings during the first quarter valued at about $232,000. Arizona State Retirement System lifted its position in shares of DraftKings by 1.1% during the fourth 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 during the last quarter. Fifth Third Bancorp boosted 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 buying an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in shares of DraftKings in the 1st quarter worth approximately $31,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.