DraftKings (NASDAQ:DKNG) Price Target Cut to $58.00 by Analysts at Oppenheimer

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Oppenheimer from $60.00 to $58.00 in a research note published on Monday, MarketBeat.com reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC restated a buy rating and issued a $60.00 price target on shares of DraftKings in a research report on Wednesday, June 12th. Wells Fargo & Company decreased their price target on shares of DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a research report on Tuesday, June 25th. BMO Capital Markets increased their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock an outperform rating in a research report on Monday, May 6th. JMP Securities reiterated a market outperform rating and set a $52.00 price objective on shares of DraftKings in a research report on Monday, March 25th. Finally, Stifel Nicolaus decreased their price objective on shares of DraftKings from $51.00 to $50.00 and set a buy rating for the company in a research report on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, DraftKings has an average rating of Moderate Buy and a consensus target price of $49.17.

DraftKings Price Performance

DKNG stock opened at $37.44 on Monday. The company has a 50 day simple moving average of $40.45 and a 200 day simple moving average of $40.60. The stock has a market cap of $32.54 billion, a price-to-earnings ratio of -31.73 and a beta of 1.81. DraftKings has a 1 year low of $24.97 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the company posted ($0.87) earnings per share. The company’s revenue was up 52.7% compared to the same quarter last year. Research analysts anticipate that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now directly owns 2,849,215 shares of the company’s stock, valued at $121,576,004.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Paul Liberman sold 668,890 shares of the firm’s 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 transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the transaction, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. HM Payson & Co. lifted its position in shares of DraftKings by 12.7% during the first quarter. HM Payson & Co. now owns 4,440 shares of the company’s stock valued at $202,000 after purchasing an additional 500 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in DraftKings by 4.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 28,825 shares of the company’s stock worth $1,336,000 after buying an additional 1,195 shares during the last quarter. Tactive Advisors LLC purchased a new stake in DraftKings during the first quarter worth about $332,000. EULAV Asset Management increased its holdings in DraftKings by 10.8% during the first quarter. EULAV Asset Management now owns 257,000 shares of the company’s stock worth $11,670,000 after buying an additional 25,000 shares during the last quarter. Finally, Cetera Advisors LLC increased its holdings in DraftKings by 41.9% during the first quarter. Cetera Advisors LLC now owns 301,805 shares of the company’s stock worth $13,705,000 after buying an additional 89,132 shares during the last quarter. 37.70% of the stock is owned by 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.