DraftKings (NASDAQ:DKNG) PT Lowered to $52.00 at Guggenheim

DraftKings (NASDAQ:DKNG) had its target price lowered by Guggenheim from $53.00 to $52.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. JMP Securities restated a market outperform rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. Jefferies Financial Group upped their price target on shares of DraftKings from $52.00 to $54.00 and gave the company a buy rating in a research report on Monday, May 6th. Moffett Nathanson lifted their price objective on DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a report on Thursday, March 28th. Needham & Company LLC restated a buy rating and set a $60.00 target price on shares of DraftKings in a report on Wednesday, June 12th. Finally, Barclays lifted their price target on DraftKings from $52.00 to $54.00 and gave the stock an overweight rating in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and a consensus price target of $49.24.

DraftKings Stock Up 2.9 %

Shares of NASDAQ:DKNG opened at $38.17 on Wednesday. The firm has a fifty day moving average of $40.72 and a 200 day moving average of $40.54. DraftKings has a 52-week low of $24.97 and a 52-week high of $49.57. 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 firm has a market capitalization of $33.18 billion, a PE ratio of -32.35 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the company posted ($0.87) earnings per share. As a group, research analysts anticipate that DraftKings will post -0.22 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold a total of 1,520,340 shares of company stock valued at $60,996,583 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of DKNG. Envestnet Asset Management Inc. boosted its holdings in shares of DraftKings by 350.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 448,758 shares of the company’s stock valued at $13,211,000 after acquiring an additional 349,112 shares during the last quarter. Hsbc Holdings PLC raised its stake in DraftKings by 655.1% during the 3rd quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock valued at $1,913,000 after buying an additional 56,387 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of DraftKings during the 3rd quarter valued at $45,000. LPL Financial LLC boosted its stake in shares of DraftKings by 7.0% in the 3rd quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock worth $13,175,000 after buying an additional 29,264 shares during the last quarter. Finally, Mariner LLC grew its holdings in shares of DraftKings by 25.9% in the third quarter. Mariner LLC now owns 37,692 shares of the company’s stock worth $1,110,000 after acquiring an additional 7,750 shares during the period. 37.70% of the stock is owned by institutional investors.

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.