DraftKings (NASDAQ:DKNG) PT Lowered to $30.00

DraftKings (NASDAQ:DKNG) had its target price dropped by Truist Securities from $50.00 to $30.00 in a note issued to investors on Thursday, Stock Target Advisor reports. Truist Securities’ price target indicates a potential upside of 29.37% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Credit Suisse Group restated a “buy” rating and set a $85.00 price objective on shares of DraftKings in a report on Wednesday, September 15th. Moffett Nathanson started coverage on shares of DraftKings in a report on Monday, December 13th. They set a “neutral” rating and a $36.00 price objective for the company. BTIG Research restated a “hold” rating on shares of DraftKings in a report on Tuesday, November 9th. Oppenheimer decreased their price objective on shares of DraftKings from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Monday, November 8th. Finally, Zacks Investment Research upgraded shares of DraftKings from a “sell” rating to a “hold” rating in a report on Wednesday, January 5th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, DraftKings presently has an average rating of “Buy” and an average target price of $58.71.

Shares of NASDAQ:DKNG opened at $23.19 on Thursday. DraftKings has a one year low of $22.41 and a one year high of $74.38. The company has a 50 day moving average of $31.61 and a 200-day moving average of $44.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.18 and a quick ratio of 3.18. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of -6.32 and a beta of 1.91.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, November 5th. The company reported ($1.35) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.24). DraftKings had a negative return on equity of 65.15% and a negative net margin of 127.81%. The business had revenue of $212.82 million for the quarter, compared to analyst estimates of $224.86 million. During the same quarter in the prior year, the firm earned ($0.98) EPS. Equities research analysts anticipate that DraftKings will post -3.62 earnings per share for the current year.

In other news, Director Woodrow Levin purchased 7,000 shares of the company’s stock in a transaction on Thursday, November 18th. The shares were purchased at an average cost of $36.81 per share, with a total value of $257,670.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 333,334 shares of the company’s stock in a transaction on Thursday, October 21st. The stock was sold at an average price of $49.33, for a total transaction of $16,443,366.22. The disclosure for this sale can be found here. Insiders have sold 745,525 shares of company stock worth $34,413,940 over the last ninety days. Insiders own 62.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Northern Oak Wealth Management Inc. raised its position in shares of DraftKings by 57.1% in the second quarter. Northern Oak Wealth Management Inc. now owns 550 shares of the company’s stock valued at $29,000 after purchasing an additional 200 shares during the period. Asio Capital LLC raised its position in shares of DraftKings by 3.0% in the third quarter. Asio Capital LLC now owns 7,850 shares of the company’s stock valued at $378,000 after purchasing an additional 230 shares during the period. Oxinas Partners Wealth Management LLC raised its position in shares of DraftKings by 5.0% in the third quarter. Oxinas Partners Wealth Management LLC now owns 4,929 shares of the company’s stock valued at $237,000 after purchasing an additional 235 shares during the period. Prestige Wealth Management Group LLC raised its position in shares of DraftKings by 4.7% in the second quarter. Prestige Wealth Management Group LLC now owns 5,495 shares of the company’s stock valued at $287,000 after purchasing an additional 247 shares during the period. Finally, Evolution Wealth Advisors LLC raised its position in shares of DraftKings by 16.7% in the third quarter. Evolution Wealth Advisors LLC now owns 1,750 shares of the company’s stock valued at $84,000 after purchasing an additional 250 shares during the period. 62.97% of the stock is currently owned by institutional investors.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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