Truist Financial Cuts DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG) had its price objective lowered by Truist Financial from $55.00 to $50.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

DKNG has been the topic of a number of other research reports. Mizuho reduced their target price on DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a report on Tuesday, October 7th. Jefferies Financial Group set a $52.00 target price on DraftKings in a report on Monday, October 6th. Susquehanna reduced their target price on DraftKings from $64.00 to $59.00 and set a “positive” rating on the stock in a report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a “hold” rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. initiated coverage on DraftKings in a report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 target price on the stock. Twenty-seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.83.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $34.70 on Tuesday. The company has a market capitalization of $17.23 billion, a P/E ratio of -53.38, a P/E/G ratio of 0.87 and a beta of 1.99. DraftKings has a 1 year low of $29.64 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50 day simple moving average is $41.46 and its 200 day simple moving average is $39.62.

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

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 105,554 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at $22,300,000. This trade represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 605,554 shares of company stock worth $26,515,100 over the last 90 days. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. TD Private Client Wealth LLC raised 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 purchasing an additional 282 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of DraftKings in the 1st quarter worth about $27,000. Bank of Jackson Hole Trust bought a new position in shares of DraftKings in the 1st quarter worth about $31,000. Summit Securities Group LLC raised its position in shares of DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after acquiring an additional 810 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in shares of DraftKings in the 2nd quarter worth about $45,000. 37.70% of the stock is 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.