DraftKings (NASDAQ:DKNG) Price Target Cut to $41.00 by Analysts at Benchmark

DraftKings (NASDAQ:DKNG) had its price objective cut by Benchmark from $52.00 to $41.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on DKNG. Jefferies Financial Group boosted their price objective on shares of DraftKings from $52.00 to $54.00 and gave the company a buy rating in a research report on Monday, May 6th. The Goldman Sachs Group started coverage on shares of DraftKings in a report on Tuesday, April 16th. They set a buy rating and a $60.00 price target for the company. Wells Fargo & Company lowered their price target on shares of DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft upped their price target on shares of DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a report on Monday, May 6th. Finally, Bank of America lowered their price target on shares of DraftKings from $54.00 to $50.00 and set a buy rating for the company in a report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of Moderate Buy and a consensus price target of $49.03.

DraftKings Stock Down 9.8 %

Shares of DKNG stock opened at $32.02 on Friday. 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 stock has a 50 day simple moving average of $37.74 and a 200 day simple moving average of $40.94. DraftKings has a 1 year low of $25.41 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.15. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the business earned ($0.17) earnings per share. The company’s revenue was up 26.2% on a year-over-year basis. Equities analysts expect that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the transaction, the insider now owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Jocelyn Moore sold 1,450 shares of DraftKings 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 owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock valued at $55,279,617 in the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in DraftKings during the 4th quarter valued at $192,140,000. First Trust Advisors LP raised its holdings in DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after acquiring an additional 2,528,503 shares during the period. Eagle Asset Management Inc. bought a new stake in DraftKings during the 4th quarter valued at $87,829,000. Vanguard Group Inc. raised its holdings in DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after acquiring an additional 1,723,819 shares during the period. Institutional investors own 37.70% of the company’s stock.

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.