DraftKings (NASDAQ:DKNG) Given New $29.00 Price Target at Truist Financial

DraftKings (NASDAQ:DKNG) had its price objective reduced by equities research analysts at Truist Financial from $30.00 to $29.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 18.14% from the stock’s current price.

Several other research analysts have also commented on the company. Wells Fargo & Company reduced their price target on DraftKings from $32.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday. Morgan Stanley restated an “overweight” rating on shares of DraftKings in a research report on Thursday, May 21st. Freedom Capital raised shares of DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Sanford C. Bernstein reissued an “outperform” rating on shares of DraftKings in a research note on Thursday, June 11th. Finally, Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of DraftKings in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.43.

DraftKings Price Performance

Shares of NASDAQ DKNG traded down $0.39 during midday trading on Monday, hitting $24.55. The stock had a trading volume of 1,058,162 shares, compared to its average volume of 13,748,310. The stock has a 50 day simple moving average of $25.81 and a 200-day simple moving average of $26.09. DraftKings has a 1 year low of $20.46 and a 1 year high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market capitalization of $12.18 billion, a PE ratio of 409.83 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) EPS. On average, sell-side analysts expect that DraftKings will post 0.54 EPS for the current fiscal year.

Insider Activity

In other news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock worth $2,756,991 in the last 90 days. 47.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently made changes to their positions in DKNG. Integrated Wealth Concepts LLC grew its holdings in DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after purchasing an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after acquiring an additional 40,495 shares during the period. Empowered Funds LLC raised its stake in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after purchasing an additional 1,391 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of DraftKings in the 2nd quarter worth $603,000. Finally, Daiwa Securities Group Inc. lifted its stake in shares of DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after purchasing an additional 968 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.