DraftKings (NASDAQ:DKNG) Price Target Lowered to $51.00 at Morgan Stanley

DraftKings (NASDAQ:DKNG) had its price target trimmed by Morgan Stanley from $53.00 to $51.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts have also weighed in on the company. Cfra Research raised DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Barclays reduced their price objective on DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, May 12th. Truist Financial reduced their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. BMO Capital Markets reissued an “outperform” rating and set a $65.00 price objective on shares of DraftKings in a research note on Thursday, April 24th. Finally, BTIG Research reduced their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.96.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $35.49 on Friday. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The business has a 50-day moving average of $34.66 and a 200-day moving average of $39.11. 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 capitalization of $31.56 billion, a price-to-earnings ratio of -33.48, a PEG ratio of 1.43 and a beta of 1.89.

Insider Activity

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer now owns 171,268 shares in the company, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the 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 owns 1,612 shares in the company, valued at $67,704. This trade represents a 67.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,285,011 shares of company stock valued at $49,481,410 over the last three months. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently added to or reduced their stakes in the company. Vestmark Advisory Solutions Inc. increased its holdings in shares of DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after buying an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC purchased a new position in shares of DraftKings in the fourth quarter worth about $874,000. Highland Capital Management LLC purchased a new position in shares of DraftKings in the fourth quarter worth about $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after buying an additional 6,059 shares during the period. Finally, Forsta AP Fonden increased its holdings in DraftKings by 25.9% during the 4th quarter. Forsta AP Fonden now owns 122,800 shares of the company’s stock valued at $4,568,000 after purchasing an additional 25,300 shares during the period. Hedge funds and other 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.