Cowen Lowers DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG – Get Rating) had its target price decreased by analysts at Cowen from $60.00 to $50.00 in a note issued to investors on Wednesday, The Fly reports. Cowen’s price objective would indicate a potential upside of 231.56% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group reduced their price objective on DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, February 22nd. Needham & Company LLC reduced their price objective on DraftKings from $46.00 to $32.00 and set a “buy” rating for the company in a report on Tuesday, February 22nd. Oppenheimer reduced their price objective on DraftKings from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, February 22nd. Roth Capital raised DraftKings from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $23.00 to $19.00 in a report on Tuesday, February 22nd. Finally, Truist Financial cut their price target on DraftKings from $30.00 to $22.00 and set a “hold” rating for the company in a report on Tuesday, February 22nd. Twelve analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $42.85.

Shares of NASDAQ DKNG opened at $15.08 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.96 and a current ratio of 2.96. DraftKings has a fifty-two week low of $13.06 and a fifty-two week high of $64.58. The firm has a market capitalization of $12.09 billion, a PE ratio of -3.99 and a beta of 2.07. The stock’s 50-day simple moving average is $17.89 and its 200-day simple moving average is $26.43.

DraftKings (NASDAQ:DKNG – Get Rating) last announced its earnings results on Friday, February 18th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.02. DraftKings had a negative return on equity of 75.86% and a negative net margin of 117.53%. The company had revenue of $473.33 million for the quarter, compared to the consensus estimate of $438.46 million. During the same period last year, the business posted ($0.69) EPS. On average, sell-side analysts forecast that DraftKings will post -3.88 earnings per share for the current fiscal year.

In other news, CFO Jason Park sold 199,081 shares of the stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $20.26, for a total transaction of $4,033,381.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Erik Bradbury sold 13,632 shares of the stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $23.84, for a total value of $324,986.88. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 190,000 shares of company stock worth $3,608,000 and have sold 1,316,922 shares worth $25,319,815. Corporate insiders own 55.92% of the company’s stock.

A number of hedge funds have recently modified their holdings of DKNG. Redpoint Management LLC bought a new position in DraftKings in the 4th quarter worth approximately $189,342,000. Two Sigma Advisers LP grew its holdings in DraftKings by 1,007.6% in the 3rd quarter. Two Sigma Advisers LP now owns 3,807,800 shares of the company’s stock worth $183,384,000 after buying an additional 3,464,000 shares in the last quarter. Norges Bank bought a new position in DraftKings in the 4th quarter worth approximately $78,258,000. Nikko Asset Management Americas Inc. grew its holdings in DraftKings by 37.3% in the 3rd quarter. Nikko Asset Management Americas Inc. now owns 9,750,179 shares of the company’s stock worth $472,104,000 after buying an additional 2,649,616 shares in the last quarter. Finally, DAVENPORT & Co LLC boosted its stake in DraftKings by 7,654.3% during the 1st quarter. DAVENPORT & Co LLC now owns 2,410,744 shares of the company’s stock valued at $47,010,000 after purchasing an additional 2,379,655 shares in the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

About DraftKings (Get Rating)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily fantasy sports, sports betting, and iGaming opportunities, as well as media and other online consumer products.

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