Mizuho Cuts DraftKings (NASDAQ:DKNG) Price Target to $58.00

DraftKings (NASDAQ:DKNG) had its price target trimmed by Mizuho from $59.00 to $58.00 in a report released on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research analysts have also issued reports on DKNG. Bank of America lowered their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Stifel Nicolaus lowered their price objective on DraftKings from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Guggenheim reduced their target price on DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Monday. Cfra Research raised shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.04.

DraftKings Stock Up 1.5%

NASDAQ:DKNG opened at $38.25 on Monday. DraftKings has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a market cap of $33.77 billion, a PE ratio of -36.08, a P/E/G ratio of 1.43 and a beta of 1.89. The firm’s 50 day simple moving average is $35.30 and its 200 day simple moving average is $39.29.

DraftKings (NASDAQ:DKNG) last released 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%. On average, research analysts anticipate that DraftKings will post 0.64 earnings per share for the current year.

Insider Activity

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,691,079 shares of company stock worth $111,885,917 in the last three months. Company insiders own 47.08% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Beacon Pointe Advisors LLC lifted its stake in shares of DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock valued at $398,000 after buying an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in shares of DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after acquiring an additional 217 shares during the last quarter. Claro Advisors LLC lifted its position in DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Brooklyn Investment Group boosted its stake in 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 purchasing an additional 270 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.