DraftKings (NASDAQ:DKNG) PT Lowered to $53.00

DraftKings (NASDAQ:DKNG) had its price objective reduced by Wells Fargo & Company from $54.00 to $53.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

DKNG has been the topic of several other reports. JMP Securities restated a market outperform rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. Needham & Company LLC reaffirmed a buy rating and set a $60.00 price objective on shares of DraftKings in a research report on Wednesday, June 12th. Deutsche Bank Aktiengesellschaft boosted their target price on DraftKings from $34.00 to $35.00 and gave the company a hold rating in a research report on Monday, May 6th. The Goldman Sachs Group started coverage on DraftKings in a research report on Tuesday, April 16th. They set a buy rating and a $60.00 price target for the company. Finally, Oppenheimer reiterated an outperform rating and issued a $60.00 price objective on shares of DraftKings in a report on Tuesday, May 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, DraftKings presently has an average rating of Moderate Buy and an average price target of $49.24.

DraftKings Price Performance

DraftKings stock opened at $38.17 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a 50-day moving average price of $40.72 and a 200 day moving average price of $40.54. DraftKings has a 12-month low of $24.97 and a 12-month high of $49.57. The stock has a market cap of $33.18 billion, a P/E ratio of -32.35 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.87) EPS. Sell-side analysts anticipate that DraftKings will post -0.22 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 668,890 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares in the company, valued at $7,997,504.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,520,340 shares of company stock valued at $60,996,583. 51.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. acquired a new position in shares of DraftKings during the third quarter worth about $529,000. Envestnet Asset Management Inc. increased its position in DraftKings by 350.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 448,758 shares of the company’s stock worth $13,211,000 after purchasing an additional 349,112 shares during the period. Hsbc Holdings PLC increased its position in DraftKings by 655.1% during the 3rd quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock worth $1,913,000 after purchasing an additional 56,387 shares during the period. Acadian Asset Management LLC purchased a new position in shares of DraftKings during the 3rd quarter worth approximately $45,000. Finally, LPL Financial LLC boosted its stake in shares of DraftKings by 7.0% in the third quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock valued at $13,175,000 after buying an additional 29,264 shares in the last quarter. 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.