Truist Financial Cuts DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG) had its price objective cut by Truist Financial from $53.00 to $50.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the stock.

DKNG has been the subject of a number of other reports. Macquarie reduced their price target on shares of DraftKings from $54.00 to $52.00 and set an outperform rating for the company in a report on Thursday, July 18th. Benchmark reduced their target price on DraftKings from $52.00 to $41.00 and set a buy rating for the company in a research note on Friday, August 2nd. Guggenheim dropped their price target on DraftKings from $53.00 to $52.00 and set a buy rating on the stock in a research note on Wednesday, June 26th. Barclays reduced their price objective on DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a research note on Wednesday, July 10th. Finally, BTIG Research increased their target price on DraftKings from $53.00 to $55.00 and gave the stock a buy rating in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $49.25.

DraftKings Stock Performance

Shares of DraftKings stock opened at $30.54 on Monday. The company has a market cap of $26.55 billion, a P/E ratio of -25.88 and a beta of 1.81. 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 business has a 50-day moving average price of $37.23 and a two-hundred day moving average price of $40.80. DraftKings has a 1-year low of $25.41 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) earnings per share. As a group, analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Insiders sold 1,183,546 shares of company stock valued at $46,745,617 over the last ninety days. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Winthrop Advisory Group LLC lifted its stake in DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares in the last quarter. ST Germain D J Co. Inc. raised its position in shares of DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after buying an additional 250 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the period. Sfmg LLC grew its position in DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after buying an additional 306 shares in the last quarter. Finally, Brown Lisle Cummings Inc. increased its stake in DraftKings by 32.5% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after acquiring an additional 325 shares during the last quarter. 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.