DraftKings (NASDAQ:DKNG) Price Target Lowered to $53.00 at Jefferies Financial Group

DraftKings (NASDAQ:DKNG) had its price target trimmed by Jefferies Financial Group from $60.00 to $53.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. Cfra Research raised shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Susquehanna increased their target price on shares of DraftKings from $42.00 to $52.00 and gave the stock a “positive” rating in a report on Monday, May 12th. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price target on the stock. Barclays reduced their target price on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, May 12th. Finally, Northland Securities set a $50.00 price target on DraftKings in a report on Friday, April 25th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $53.90.

DraftKings Stock Performance

NASDAQ:DKNG opened at $40.68 on Thursday. The firm’s fifty day simple moving average is $37.02 and its 200 day simple moving average is $38.49. The firm has a market capitalization of $36.17 billion, a price-to-earnings ratio of -49.01, a PEG ratio of 1.06 and a beta of 1.67. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

Insider Activity

In other news, Director Jocelyn Moore sold 3,136 shares of the firm’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, the director owned 5,947 shares of the company’s stock, valued at $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider directly owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock worth $19,748,622 in the last quarter. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC raised its stake in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Norges Bank acquired a new stake in DraftKings during the fourth quarter worth about $276,328,000. FMR LLC grew its holdings in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. AQR Capital Management LLC increased its holdings in DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after buying an additional 4,486,488 shares during the period. Finally, Eminence Capital LP raised its position in DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after purchasing an additional 3,423,909 shares in the last quarter. 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.