DraftKings (NASDAQ:DKNG) Price Target Cut to $45.00 by Analysts at Guggenheim

DraftKings (NASDAQ:DKNG) had its price target lowered by research analysts at Guggenheim from $55.00 to $45.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 44.24% from the company’s current price.

Other analysts have also issued research reports about the stock. Northland Capmk lowered shares of DraftKings from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday. BMO Capital Markets cut their target price on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. BTIG Research lowered their target price on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a report on Friday. Finally, Jefferies Financial Group set a $52.00 price target on DraftKings in a report on Monday, October 6th. Twenty-six analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.03.

DraftKings Stock Up 2.6%

NASDAQ DKNG traded up $0.80 on Monday, reaching $31.20. The company had a trading volume of 6,108,949 shares, compared to its average volume of 11,644,555. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 1 year low of $26.23 and a 1 year high of $53.61. The firm has a 50-day moving average of $37.88 and a 200-day moving average of $39.48. The firm has a market capitalization of $15.49 billion, a PE ratio of -54.61, a P/E/G ratio of 1.03 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Activity

In other news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the sale, the director owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated 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 directly owned 500,454 shares of the company’s stock, valued at $14,513,166. The trade was a 9.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 552,777 shares of company stock valued at $23,337,924 over the last 90 days. Corporate insiders own 47.08% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IHT Wealth Management LLC raised its holdings in DraftKings by 4.1% during the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after buying an additional 248 shares during the period. Brooklyn Investment Group boosted its stake in DraftKings by 7.3% in the 1st 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 raised its stake in DraftKings by 54.4% during 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 period. Farther Finance Advisors LLC lifted its holdings in shares of DraftKings by 9.1% in the second 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 in the last quarter. Finally, Obermeyer Wealth Partners lifted its stake in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after acquiring an additional 297 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.