Truist Financial Lowers DraftKings (NASDAQ:DKNG) Price Target to $29.00

DraftKings (NASDAQ:DKNG) had its price objective reduced by equities research analysts at Truist Financial from $30.00 to $29.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 21.59% from the company’s current price.

DKNG has been the topic of a number of other reports. HSBC upgraded shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. Roth Capital raised shares of DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. Northland Securities set a $27.00 target price on shares of DraftKings in a research note on Monday, May 11th. Wedbush initiated coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “outperform” rating on the stock. Finally, Susquehanna cut their price target on shares of DraftKings from $32.00 to $31.00 and set a “positive” rating on the stock in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.43.

DraftKings Trading Down 1.9%

Shares of NASDAQ DKNG opened at $23.85 on Monday. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $11.83 billion, a P/E ratio of 397.50 and a beta of 1.65. DraftKings has a 1-year low of $20.46 and a 1-year high of $48.78. The business has a fifty day moving average price of $25.79 and a 200 day moving average price of $25.95.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. DraftKings’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) EPS. Equities research analysts expect that DraftKings will post 0.54 EPS for the current fiscal year.

Insider Activity

In related news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 97,596 shares of company stock worth $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. LifeGoal Investments LLC purchased a new stake in shares of DraftKings during the second quarter valued at $218,000. CoreCap Advisors LLC raised its stake in DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after acquiring an additional 885 shares during the last quarter. Stableford Capital II LLC purchased a new position in DraftKings in the 2nd quarter worth $835,000. Basecamp Wealth Advisors LLC lifted its position in DraftKings by 3,547.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock worth $27,000 after acquiring an additional 1,206 shares during the period. Finally, Pacer Advisors Inc. lifted its position in DraftKings by 13.5% during the 1st quarter. Pacer Advisors Inc. now owns 12,369 shares of the company’s stock worth $267,000 after acquiring an additional 1,468 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings launched DKeX, a new platform expansion that could broaden its product offering and support longer-term engagement and revenue growth. DraftKings (NASDAQ:DKNG) Expands Platform With DKeX Launch
• Positive Sentiment: Truist and Wells Fargo both maintained bullish ratings on DraftKings while trimming price targets to $29, signaling continued analyst confidence despite near-term volatility. DraftKings price target updates
• Neutral Sentiment: Coverage pieces about why DraftKings is catching market attention and a broader casino-stocks roundup may be contributing to trading interest, but they do not appear to signal a major fundamental change. Why Is DraftKings (NASDAQ:DKNG) Catching Market Attention?
• Negative Sentiment: Recent trading has been weak, with DKNG falling more than the broader market and closing around $24.32 in the latest cited session, suggesting momentum remains soft. DraftKings (DKNG) Declines More Than Market: Some Information for Investors

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.