TD Securities Issues Pessimistic Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target decreased by stock analysts at TD Securities from $60.00 to $55.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Securities’ target price suggests a potential upside of 62.77% from the company’s current price.

A number of other brokerages have also recently commented on DKNG. Jefferies Financial Group set a $60.00 price objective on DraftKings and gave the stock a “buy” rating in a research note on Sunday, April 13th. Citigroup reissued an “outperform” rating on shares of DraftKings in a research report on Wednesday, April 2nd. Morgan Stanley increased their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of DraftKings in a research report on Monday, April 7th. Finally, Cfra Research raised shares of DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.75.

DraftKings Stock Performance

NASDAQ DKNG opened at $33.79 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market capitalization of $29.84 billion, a P/E ratio of -31.88, a P/E/G ratio of 1.43 and a beta of 2.16. The business’s 50-day simple moving average is $37.56 and its 200-day simple moving average is $39.52.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts predict that DraftKings will post 0.64 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,302 shares of company stock valued at $111,145,088 in the last quarter. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smallwood Wealth Investment Management LLC acquired a new position in DraftKings during the 1st quarter valued at about $27,000. Amalgamated Bank raised its holdings in DraftKings by 9.1% during the first quarter. Amalgamated Bank now owns 32,632 shares of the company’s stock worth $1,084,000 after purchasing an additional 2,721 shares in the last quarter. KBC Group NV lifted its position in DraftKings by 18.1% in the first quarter. KBC Group NV now owns 35,163 shares of the company’s stock worth $1,167,000 after purchasing an additional 5,390 shares during the period. Cohen Investment Advisors LLC boosted its stake in DraftKings by 251.7% during the 1st quarter. Cohen Investment Advisors LLC now owns 253,025 shares of the company’s stock valued at $8,403,000 after purchasing an additional 181,076 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of DraftKings by 18.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock valued at $90,558,000 after purchasing an additional 434,525 shares during the period. 37.70% 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 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.