DraftKings (NASDAQ:DKNG) Price Target Lowered to $35.00 at BTIG Research

DraftKings (NASDAQ:DKNG) had its price objective cut by BTIG Research from $37.00 to $35.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on DKNG. Citigroup restated a “market outperform” rating on shares of DraftKings in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, February 17th. Jefferies Financial Group restated a “buy” rating on shares of DraftKings in a report on Sunday, February 15th. The Goldman Sachs Group cut their target price on DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $42.00 target price on shares of DraftKings in a report on Friday, February 13th. Twenty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.76.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $23.49 on Thursday. The business has a fifty day moving average price of $30.00 and a 200-day moving average price of $34.87. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $11.58 billion, a PE ratio of -587.25, a PEG ratio of 0.94 and a beta of 1.67. DraftKings has a 1-year low of $21.01 and a 1-year high of $48.78.

Insider Buying and Selling

In other DraftKings news, CAO Erik Bradbury sold 7,268 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the sale, the chief accounting officer owned 36,736 shares of the company’s stock, valued at approximately $826,560. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $16,005,000. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,822 shares of company stock valued at $3,638,895. 51.19% of the stock is owned by insiders.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after buying an additional 1,354,457 shares during the period. Janus Henderson Group PLC lifted its position in shares of DraftKings by 50.8% in the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after acquiring an additional 8,524,923 shares in the last quarter. Viking Global Investors LP boosted its stake in shares of DraftKings by 27.4% in the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock worth $658,872,000 after acquiring an additional 4,116,561 shares during the period. Capital World Investors boosted its stake in shares of DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after acquiring an additional 12,008,357 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of DraftKings by 41.0% during the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after purchasing an additional 4,788,337 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.