DraftKings (NASDAQ:DKNG) Upgraded by Wells Fargo & Company to “Hold” Rating

DraftKings (NASDAQ:DKNG) was upgraded by Wells Fargo & Company to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also weighed in on the company. Sanford C. Bernstein lowered their target price on DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Citigroup lowered their price objective on shares of DraftKings from $56.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a research note on Monday. Guggenheim decreased their price target on shares of DraftKings from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Finally, Macquarie lowered their price target on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Twenty-five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $47.38.

DraftKings Stock Down 1.2%

Shares of DKNG opened at $29.02 on Monday. The company has a market capitalization of $14.45 billion, a P/E ratio of -50.91, a PEG ratio of 2.43 and a beta of 1.86. DraftKings has a one year low of $26.23 and a one year high of $53.61. The business’s 50 day simple moving average is $35.15 and its 200-day simple moving average is $39.23. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business earned ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, sell-side analysts predict that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the completion of the sale, the insider owned 500,454 shares in the company, valued at approximately $14,513,166. The trade was a 9.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Westin Wendt purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was bought at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the purchase, the director owned 10,000 shares in the company, valued at $302,700. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders sold 219,529 shares of company stock valued at $8,601,273. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Ameriflex Group Inc. grew its holdings in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares during the period. Bank of Jackson Hole Trust bought a new position in shares of DraftKings during the first quarter worth $31,000. Root Financial Partners LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $33,000. TD Private Client Wealth LLC grew its holdings in shares of 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 buying an additional 282 shares during the period. Finally, Summit Securities Group LLC increased its position in shares of DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares in 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.