DraftKings (NASDAQ:DKNG) Given New $30.00 Price Target at Truist Financial

DraftKings (NASDAQ:DKNG) had its price objective reduced by Truist Financial from $33.00 to $30.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also weighed in on DKNG. Guggenheim set a $37.00 price objective on DraftKings in a research note on Tuesday, February 17th. Texas Capital raised DraftKings to a “hold” rating in a research note on Thursday, January 8th. Oppenheimer reduced their price objective on DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Mizuho reduced their price objective on DraftKings from $46.00 to $44.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Finally, Canaccord Genuity Group reduced their price objective on DraftKings from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.84.

DraftKings Stock Performance

NASDAQ DKNG opened at $22.99 on Tuesday. The firm has a market capitalization of $11.40 billion, a P/E ratio of -574.75, a P/E/G ratio of 0.95 and a beta of 1.68. DraftKings has a 1-year low of $20.46 and a 1-year high of $48.78. 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 business’s 50-day simple moving average is $23.46 and its 200-day simple moving average is $29.24.

Insider Buying and Selling

In related news, Director Harry Sloan bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the acquisition, the director owned 350,219 shares in the company, valued at $7,652,285.15. This represents a 39.96% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 484,417 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the sale, the insider owned 213,597 shares in the company, valued at approximately $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 496,718 shares of company stock valued at $12,477,308. Corporate insiders own 47.18% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently modified their holdings of DKNG. Integrated Wealth Concepts LLC raised its holdings in shares of DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares during the last quarter. Empowered Funds LLC increased its holdings in DraftKings by 18.0% during the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after purchasing an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in DraftKings during the 2nd quarter worth approximately $603,000. Finally, Daiwa Securities Group Inc. increased its holdings in DraftKings by 2.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after purchasing an additional 968 shares during the last quarter. 37.70% of the stock is currently 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.