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

DraftKings (NASDAQ:DKNG) had its price target lowered by equities researchers at BTIG Research from $64.00 to $52.00 in a note issued to investors on Tuesday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 52.72% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Stifel Nicolaus increased their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of DraftKings in a research note on Monday, April 7th. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Barclays lifted their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. increased their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $54.08.

DraftKings Stock Up 1.7 %

Shares of DKNG opened at $34.05 on Tuesday. DraftKings has a one year low of $28.69 and a one year high of $53.61. The stock has a market capitalization of $30.07 billion, a price-to-earnings ratio of -32.12, a PEG ratio of 1.43 and a beta of 2.16. The stock has a 50 day moving average price of $38.30 and a 200 day moving average price of $39.58. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts forecast that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the sale, the insider now directly owns 601,520 shares in the company, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock valued at $111,145,088 in the last 90 days. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC grew its stake in DraftKings by 150.6% during the 1st quarter. Golden State Wealth Management LLC now owns 4,921 shares of the company’s stock worth $163,000 after buying an additional 2,957 shares during the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of DraftKings during the first quarter worth approximately $454,000. Steph & Co. grew its position in shares of DraftKings by 18.7% during the first quarter. Steph & Co. now owns 5,308 shares of the company’s stock worth $176,000 after acquiring an additional 838 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of DraftKings by 3.7% in the 1st quarter. Asset Management One Co. Ltd. now owns 163,871 shares of the company’s stock valued at $5,442,000 after acquiring an additional 5,830 shares during the period. Finally, Oppenheimer & Co. Inc. raised its position in DraftKings by 12.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 86,770 shares of the company’s stock valued at $2,882,000 after purchasing an additional 9,277 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.