Truist Financial Cuts DraftKings (NASDAQ:DKNG) Price Target to $30.00

DraftKings (NASDAQ:DKNG) had its price target cut by Truist Financial from $33.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

DKNG has been the subject of a number of other research reports. Sanford C. Bernstein reissued an “outperform” rating and issued a $30.00 target price on shares of DraftKings in a research report on Thursday, March 5th. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Citizens Jmp dropped their price target on DraftKings from $38.00 to $34.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 1st. Zacks Research downgraded DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Finally, Wells Fargo & Company boosted their price target on DraftKings from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Twenty-three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.13.

DraftKings Trading Down 1.3%

Shares of DraftKings stock opened at $22.17 on Tuesday. The firm has a 50-day moving average of $23.33 and a 200-day moving average of $29.14. The stock has a market cap of $10.99 billion, a PE ratio of -554.25, a PEG ratio of 0.94 and a beta of 1.68. DraftKings has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider owned 213,597 shares of the company’s stock, valued at $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Harry Sloan acquired 100,000 shares of the stock in a transaction dated Tuesday, February 17th. The stock was purchased at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the purchase, the director directly owned 350,219 shares of the company’s stock, valued at $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 496,718 shares of company stock worth $12,477,308 in the last ninety days. Insiders own 47.18% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC increased its stake in shares of DraftKings by 4.1% in the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after buying an additional 248 shares during the period. Orion Porfolio Solutions LLC lifted its holdings in DraftKings by 3.1% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after buying an additional 321 shares during the period. Geneos Wealth Management Inc. lifted its holdings in DraftKings by 7.3% during the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after buying an additional 328 shares during the period. Huntleigh Advisors Inc. lifted its holdings in DraftKings by 0.8% during the 3rd quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock worth $1,632,000 after buying an additional 363 shares during the period. Finally, TD Private Client Wealth LLC lifted its holdings in DraftKings by 45.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock worth $44,000 after buying an additional 365 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.