DraftKings (NASDAQ:DKNG – Free Report) had its price target trimmed by Truist Financial from $29.00 to $26.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.
Several other analysts have also recently weighed in on the stock. Wolfe Research began coverage on shares of DraftKings in a research report on Wednesday, September 2nd. They set an “outperform” rating and a $40.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of DraftKings in a research report on Friday, September 18th. TD Cowen upped their target price on shares of DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. JPMorgan Chase & Co. reduced their target price on DraftKings from $34.00 to $33.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Finally, Wells Fargo & Company raised their price target on DraftKings from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.29.
DraftKings Price Performance
Shares of DKNG opened at $20.94 on Tuesday. The firm’s 50 day simple moving average is $22.37 and its 200 day simple moving average is $23.93. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22. DraftKings has a 1-year low of $18.35 and a 1-year high of $36.98.
DraftKings (NASDAQ:DKNG – Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business posted $0.30 earnings per share. DraftKings’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, equities research analysts anticipate that DraftKings will post 0.40 earnings per share for the current fiscal year.
Insider Activity at DraftKings
In related news, Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the transaction, the director directly owned 1,881 shares of the company’s stock, valued at $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is currently owned by insiders.
Institutional Investors Weigh In On DraftKings
A number of large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its holdings in DraftKings by 9.3% in the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock worth $588,288,000 after acquiring an additional 2,351,790 shares during the last quarter. Spruce House Investment Management LLC raised its stake in shares of DraftKings by 129.6% during the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after acquiring an additional 5,446,166 shares during the last quarter. Swiss National Bank raised its stake in shares of DraftKings by 7.4% during the first quarter. Swiss National Bank now owns 1,314,864 shares of the company’s stock valued at $28,427,000 after acquiring an additional 90,400 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of DraftKings during the second quarter worth about $24,014,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of DraftKings by 273.9% during the first quarter. Quantinno Capital Management LP now owns 898,241 shares of the company’s stock worth $19,420,000 after purchasing an additional 658,006 shares during the period. Institutional investors own 37.70% of the company’s stock.
DraftKings Company Profile
DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.
The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.
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