DraftKings (NASDAQ:DKNG) Given New $45.00 Price Target at Truist Financial

DraftKings (NASDAQ:DKNG) had its target price lowered by investment analysts at Truist Financial from $50.00 to $45.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 45.66% from the stock’s current price.

DKNG has been the subject of a number of other reports. UBS Group lowered their price target on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Bank of America downgraded DraftKings from a “buy” rating to a “neutral” rating and lowered their target price for the company from $48.00 to $35.00 in a research note on Tuesday, November 4th. BMO Capital Markets dropped their target price on DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Citigroup reissued a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. Finally, JMP Securities lowered their price objective on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Twenty-six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.86.

DraftKings Stock Up 1.6%

Shares of DKNG traded up $0.49 during midday trading on Monday, reaching $30.89. 12,029,398 shares of the company were exchanged, compared to its average volume of 11,676,911. DraftKings has a 1-year low of $26.23 and a 1-year high of $53.61. The stock has a 50-day moving average price of $37.88 and a 200-day moving average price of $39.48. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The company has a market cap of $15.34 billion, a price-to-earnings ratio of -54.39, a P/E/G ratio of 1.03 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. Research analysts expect that DraftKings will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the sale, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the business’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the sale, the director directly owned 402 shares of the company’s stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 552,777 shares of company stock valued at $23,337,924 over the last quarter. Insiders own 47.08% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently modified their holdings of the company. TD Private Client Wealth LLC grew its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Root Financial Partners LLC bought a new position in DraftKings in the 3rd quarter worth approximately $33,000. Bank of Jackson Hole Trust acquired a new stake in DraftKings in the 1st quarter valued at approximately $31,000. Summit Securities Group LLC raised its stake in DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after acquiring an additional 810 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new stake in DraftKings during the 2nd quarter valued at $45,000. Institutional investors and hedge funds 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.