Macquarie Issues Pessimistic Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective decreased by analysts at Macquarie from $55.00 to $53.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price objective suggests a potential upside of 40.66% from the stock’s previous close.

Several other equities analysts also recently issued reports on the company. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Benchmark lifted their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company increased their price target on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, BTIG Research reduced their price target on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $55.04.

DraftKings Trading Down 0.7%

Shares of NASDAQ DKNG opened at $37.68 on Monday. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The business has a fifty day moving average price of $35.32 and a 200 day moving average price of $39.30. The stock has a market capitalization of $33.27 billion, a P/E ratio of -35.55, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Equities research analysts expect that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares in the company, valued at $67,704. This represents a 67.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the sale, the insider now directly owns 601,520 shares of the company’s stock, valued at $19,417,065.60. This trade represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,691,079 shares of company stock worth $111,885,917 in the last ninety days. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Brooklyn Investment Group raised its position in shares of DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after buying an additional 270 shares during the period. Summit Securities Group LLC raised its position in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares during the period. Algert Global LLC lifted its stake in shares of DraftKings by 331.4% in the 1st quarter. Algert Global LLC now owns 46,582 shares of the company’s stock valued at $1,547,000 after purchasing an additional 35,784 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of DraftKings by 123.0% during the 1st quarter. American Century Companies Inc. now owns 94,383 shares of the company’s stock worth $3,134,000 after purchasing an additional 52,061 shares during the period. Finally, LWM Advisory Services LLC purchased a new position in shares of DraftKings during the 1st quarter worth $330,000. 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.