DraftKings (NASDAQ:DKNG) Price Target Lowered to $51.00 at Jefferies Financial Group

DraftKings (NASDAQ:DKNG) had its price objective cut by Jefferies Financial Group from $54.00 to $51.00 in a report released on Monday, Marketbeat reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. UBS Group cut their target price on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Oppenheimer dropped their price objective on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, October 1st. Northland Capmk cut shares of DraftKings from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Finally, Northland Securities reaffirmed an “under perform” rating and issued a $33.00 price target (down previously from $53.00) on shares of DraftKings in a report on Wednesday, October 1st. Twenty-six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.79.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $34.98 on Monday. The company has a market cap of $17.37 billion, a price-to-earnings ratio of -53.82, a PEG ratio of 0.93 and a beta of 1.99. The business has a 50 day moving average price of $44.06 and a 200 day moving average price of $39.78. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings has a twelve month low of $29.64 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the company earned $0.12 earnings per share. The company’s quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Research analysts predict that DraftKings will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the sale, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director directly owned 402 shares of the company’s stock, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. 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. 47.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new stake in DraftKings during the 1st quarter valued at $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at $27,000. GPS Wealth Strategies Group LLC raised its holdings in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after buying an additional 564 shares during the last quarter. Bank of Jackson Hole Trust bought a new position in shares of DraftKings in the first quarter valued at about $31,000. Finally, TD Private Client Wealth LLC lifted its position in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after buying an additional 282 shares in the last quarter. 37.70% of the stock is currently owned by 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.