DraftKings (NASDAQ:DKNG) PT Lowered to $53.00 at Wells Fargo & Company

DraftKings (NASDAQ:DKNG) had its price target reduced by Wells Fargo & Company from $54.00 to $53.00 in a report released on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on DraftKings from $34.00 to $35.00 and gave the company a hold rating in a research report on Monday, May 6th. Jefferies Financial Group boosted their price objective on DraftKings from $52.00 to $54.00 and gave the company a buy rating in a research report on Monday, May 6th. Morgan Stanley boosted their price objective on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Moffett Nathanson boosted their price objective on DraftKings from $52.00 to $55.00 and gave the company a buy rating in a research report on Thursday, March 28th. Finally, The Goldman Sachs Group began coverage on DraftKings in a research report on Tuesday, April 16th. They issued a buy rating and a $60.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $49.24.

DraftKings Price Performance

NASDAQ DKNG opened at $37.11 on Tuesday. The company has a market capitalization of $32.26 billion, a PE ratio of -31.81 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The business’s fifty day moving average is $40.81 and its 200 day moving average is $40.57. DraftKings has a fifty-two week low of $24.97 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. DraftKings’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.87) earnings per share. Sell-side analysts predict that DraftKings will post -0.22 earnings per share for the current year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the sale, the insider now owns 2,668,954 shares in the company, valued at $116,339,704.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the sale, the insider now owns 2,668,954 shares in the company, valued at $116,339,704.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Several hedge funds and other institutional investors have recently made changes to their positions in DKNG. Norges Bank acquired a new position in shares of DraftKings in the 4th quarter valued at $192,140,000. Ameriprise Financial Inc. lifted its stake in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. First Trust Advisors LP lifted its stake in DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in DraftKings in the 4th quarter worth approximately $87,829,000. Finally, Vanguard Group Inc. increased its holdings in shares of DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after buying an additional 2,225,759 shares during the last quarter. Hedge funds and other institutional investors 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.