DraftKings (NASDAQ:DKNG) Given Under Perform Rating at Northland Securities

Northland Securities reaffirmed their under perform rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $33.00 target price on the stock, down from their prior target price of $53.00.

DKNG has been the subject of several other reports. Benchmark upped their target price on DraftKings from $50.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Susquehanna reaffirmed a “positive” rating and issued a $64.00 price target on shares of DraftKings in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. Stifel Nicolaus decreased their price target on DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Twenty-six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.50.

DraftKings Stock Down 6.0%

Shares of DKNG opened at $35.16 on Wednesday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a one year low of $29.64 and a one year high of $53.61. The stock has a market capitalization of $17.46 billion, a price-to-earnings ratio of -54.09, a PEG ratio of 0.89 and a beta of 1.99. The stock has a 50 day moving average price of $44.62 and a 200 day moving average price of $39.83.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the business earned $0.12 earnings per share. The firm’s revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts forecast that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director owned 402 shares of the company’s stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 658,331 shares of company stock worth $29,285,365 in the last quarter. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently bought and sold shares of the company. FNY Investment Advisers LLC acquired a new stake in DraftKings in the 1st quarter valued at about $26,000. TD Private Client Wealth LLC raised its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings in the 1st quarter valued at about $27,000. GPS Wealth Strategies Group LLC raised its position in DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after purchasing an additional 564 shares in the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in DraftKings in the 1st quarter valued at about $31,000. Institutional investors and hedge funds 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.