Macquarie Cuts DraftKings (NASDAQ:DKNG) Price Target to $48.00

DraftKings (NASDAQ:DKNG) had its target price decreased by Macquarie from $50.00 to $48.00 in a research report report published on Monday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of DraftKings in a research report on Monday. Canaccord Genuity Group cut their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Mizuho decreased their price target on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 7th. Northland Capmk cut DraftKings from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, October 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Twenty-six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.66.

DraftKings Stock Performance

Shares of DKNG stock opened at $31.51 on Monday. The company has a market capitalization of $15.68 billion, a P/E ratio of -55.28, a P/E/G ratio of 1.02 and a beta of 1.86. The business’s 50 day moving average is $36.86 and its two-hundred day moving average is $39.38. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51. DraftKings has a 12-month low of $26.23 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The business had revenue of $1.14 billion during 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 22.84%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. Analysts expect that DraftKings will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director owned 402 shares in the company, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were bought at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the purchase, the director directly owned 10,000 shares of the company’s stock, valued at $302,700. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders sold 337,916 shares of company stock worth $14,118,881. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IHT Wealth Management LLC boosted its position in shares of DraftKings by 4.1% during the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the last quarter. Brooklyn Investment Group raised its stake in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after purchasing an additional 270 shares during the period. TD Private Client Wealth LLC boosted its holdings in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after purchasing an additional 286 shares during the last quarter. Finally, Obermeyer Wealth Partners grew its stake in shares of DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock valued at $297,000 after buying an additional 297 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

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.