Mizuho Lowers DraftKings (NASDAQ:DKNG) Price Target to $59.00

DraftKings (NASDAQ:DKNG) had its price objective dropped by Mizuho from $62.00 to $59.00 in a report issued on Monday, Marketbeat.com reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective would suggest a potential upside of 77.60% from the company’s previous close.

DKNG has been the subject of several other research reports. TD Securities reduced their target price on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Susquehanna cut their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. BMO Capital Markets reiterated an “outperform” rating and set a $65.00 price objective on shares of DraftKings in a research note on Thursday, April 24th. Finally, TD Cowen cut their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.48.

DraftKings Price Performance

DraftKings stock opened at $33.22 on Monday. The stock has a market cap of $29.33 billion, a P/E ratio of -31.34, a P/E/G ratio of 1.43 and a beta of 2.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company’s 50 day moving average price is $36.89 and its two-hundred day moving average price is $39.46. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, equities analysts predict that DraftKings will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now directly owns 601,520 shares of the company’s stock, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,628,302 shares of company stock valued at $111,145,088 in the last three months. 51.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of the stock. Raiffeisen Bank International AG bought a new position in DraftKings in the 4th quarter worth about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC purchased a new position in DraftKings in the 4th quarter worth approximately $30,000. Finally, FNY Investment Advisers LLC bought a new position in DraftKings in the 1st quarter valued at approximately $26,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.