DraftKings (NASDAQ:DKNG) Price Target Lowered to $50.00 at Truist Financial

DraftKings (NASDAQ:DKNG) had its target price reduced by Truist Financial from $55.00 to $50.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently commented on DKNG. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the stock a “hold” rating in a report on Friday, August 8th. JMP Securities decreased their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. JPMorgan Chase & Co. began coverage on DraftKings in a report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price objective for the company. Finally, Morgan Stanley reiterated an “overweight” rating and set a $52.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Twenty-seven analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.83.

DraftKings Trading Up 0.1%

NASDAQ:DKNG opened at $33.62 on Tuesday. The stock has a fifty day moving average price of $41.81 and a two-hundred day moving average price of $39.64. The stock has a market capitalization of $16.69 billion, a price-to-earnings ratio of -51.72, a PEG ratio of 0.84 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 1 year low of $29.64 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the firm earned $0.12 EPS. The business’s revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at $22,300,000. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director directly owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 552,777 shares of company stock valued at $24,690,599 in the last ninety days. 47.08% of the stock is owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of DKNG. TD Private Client Wealth LLC boosted its position in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of DraftKings during the 1st quarter worth $27,000. Bank of Jackson Hole Trust acquired a new stake in shares of DraftKings during the first quarter worth $31,000. Summit Securities Group LLC boosted its holdings in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings in the second quarter valued at $45,000. Institutional investors and hedge funds 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.