DraftKings (NASDAQ:DKNG) Price Target Cut to $55.00

DraftKings (NASDAQ:DKNG) had its target price trimmed by Oppenheimer from $58.00 to $55.00 in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. UBS Group boosted their price objective on DraftKings from $56.00 to $60.00 and gave the company a buy rating in a report on Wednesday, May 15th. Susquehanna dropped their target price on shares of DraftKings from $49.00 to $47.00 and set a positive rating on the stock in a research note on Thursday, August 1st. Bank of America decreased their price target on shares of DraftKings from $54.00 to $50.00 and set a buy rating for the company in a research note on Monday, July 22nd. Deutsche Bank Aktiengesellschaft upped 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. Finally, Truist Financial cut their price target on DraftKings from $53.00 to $50.00 and set a buy rating on the stock in a research note on Monday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, DraftKings presently has a consensus rating of Moderate Buy and a consensus price target of $49.25.

DraftKings Stock Performance

NASDAQ DKNG opened at $30.54 on Monday. The company has a market cap of $26.55 billion, a P/E ratio of -25.88 and a beta of 1.81. The business’s 50 day moving average price is $37.23 and its 200-day moving average price is $40.80. DraftKings has a fifty-two week low of $25.41 and a fifty-two 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 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. Sell-side analysts predict that DraftKings will post -0.31 earnings per share for the current year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated 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 directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 2,668,954 shares in the company, valued at $116,339,704.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of DraftKings 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 in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Insiders sold a total of 1,183,546 shares of company stock valued at $46,745,617 in the last three months. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DKNG. Winthrop Advisory Group LLC grew its stake in DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after acquiring an additional 244 shares in the last quarter. ST Germain D J Co. Inc. increased its stake in shares of DraftKings by 26.3% in the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after acquiring an additional 250 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in shares of DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares during the last quarter. Sfmg LLC grew its holdings in shares of DraftKings by 3.9% in the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after purchasing an additional 306 shares during the period. Finally, Brown Lisle Cummings Inc. increased its position in DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.