DraftKings (NASDAQ:DKNG) Price Target Lowered to $61.00 at Guggenheim

DraftKings (NASDAQ:DKNG) had its price target lowered by Guggenheim from $62.00 to $61.00 in a research note issued to investors on Thursday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

DKNG has been the topic of several other research reports. Benchmark raised their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Stifel Nicolaus increased their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. TD Cowen decreased their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. boosted their price objective on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $55.04.

DraftKings Stock Performance

DKNG stock opened at $34.22 on Thursday. The firm has a market cap of $17.11 billion, a P/E ratio of -32.28, a P/E/G ratio of 1.43 and a beta of 2.16. The stock’s 50 day simple moving average is $40.10 and its 200 day simple moving average is $39.89. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities research analysts predict that DraftKings will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,575,525 shares of company stock worth $109,441,446. Company insiders own 47.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Raiffeisen Bank International AG acquired a new stake in DraftKings during the 4th quarter worth about $25,000. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings in the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the fourth quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the fourth quarter valued at approximately $30,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the period. Hedge funds and other 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.