DraftKings (NASDAQ:DKNG) Price Target Cut to $60.00 by Analysts at Guggenheim

DraftKings (NASDAQ:DKNG) had its price objective decreased by Guggenheim from $61.00 to $60.00 in a research note released on Monday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

DKNG has been the topic of a number of other research reports. Citigroup reduced their target price on DraftKings from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Bank of America reduced their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of DraftKings in a report on Friday. Wells Fargo & Company raised their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, TD Securities cut their price objective on DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Price Performance

DraftKings stock opened at $37.93 on Monday. The business’s 50-day simple moving average is $35.37 and its 200 day simple moving average is $39.31. The stock has a market cap of $33.49 billion, a price-to-earnings ratio of -35.78, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, research analysts anticipate that DraftKings will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. This represents a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. This represents a 67.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,681,079 shares of company stock worth $112,941,617 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. grew its holdings in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares in the last quarter. Grassi Investment Management raised its position in DraftKings by 16.4% in the fourth quarter. Grassi Investment Management now owns 29,500 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,150 shares during the last quarter. Claro Advisors LLC raised its position in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after purchasing an additional 264 shares during the last quarter. Oak Thistle LLC raised its position in shares of DraftKings by 104.8% during the fourth quarter. Oak Thistle LLC now owns 28,700 shares of the company’s stock worth $1,068,000 after acquiring an additional 14,688 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of DraftKings by 172.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company’s stock worth $13,540,000 after acquiring an additional 230,252 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Company Profile

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.