Guggenheim Lowers DraftKings (NASDAQ:DKNG) Price Target to $60.00

DraftKings (NASDAQ:DKNG) had its target price reduced by stock analysts at Guggenheim from $61.00 to $60.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target would indicate a potential upside of 57.15% from the stock’s previous close.

Several other research analysts have also weighed in on DKNG. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. JMP Securities set a $57.00 target price on shares of DraftKings in a report on Wednesday, April 2nd. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, TD Cowen cut their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.14.

DraftKings Price Performance

Shares of NASDAQ DKNG traded up $1.95 during mid-day trading on Monday, hitting $38.18. 3,274,833 shares of the stock were exchanged, compared to its average volume of 10,924,608. The company has a market cap of $33.71 billion, a P/E ratio of -36.02, a PEG ratio of 1.43 and a beta of 1.89. The stock’s fifty day simple moving average is $35.48 and its two-hundred day simple moving average is $39.30. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61.

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

Insider Activity

In other DraftKings news, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $34.04, for a total value of $1,796,529.08. Following the transaction, the insider now directly owns 549,197 shares of the company’s stock, valued at $18,694,665.88. The trade was a 8.77% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,681,079 shares of company stock valued at $112,941,617. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Vanguard Group Inc. grew its holdings in shares of DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after purchasing an additional 707,504 shares during the last quarter. FMR LLC boosted its stake in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its stake in shares of DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after buying an additional 1,756,778 shares during the last quarter. 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.