DraftKings (NASDAQ:DKNG) Price Target Lowered to $29.00 at Truist Financial

DraftKings (NASDAQ:DKNG) had its price objective decreased by Truist Financial from $30.00 to $29.00 in a research note published on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research analysts also recently weighed in on DKNG. Freedom Capital raised shares of DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Wells Fargo & Company reduced their target price on shares of DraftKings from $32.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday. Benchmark reissued a “buy” rating on shares of DraftKings in a research report on Monday. Northland Securities set a $27.00 price objective on shares of DraftKings in a research report on Monday, May 11th. Finally, TD Cowen upped their price objective on shares of DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.43.

DraftKings Trading Down 2.5%

Shares of DraftKings stock opened at $24.32 on Monday. 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 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50 day moving average price of $25.80 and a 200 day moving average price of $26.02. The company has a market capitalization of $12.07 billion, a P/E ratio of 405.33 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company posted ($0.07) EPS. DraftKings’s quarterly revenue was up 16.8% compared to the same quarter last year. Sell-side analysts anticipate that DraftKings will post 0.54 EPS for the current fiscal year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,596 shares of company stock worth $2,756,991 over the last quarter. 47.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently modified their holdings of DKNG. Viking Global Investors LP acquired a new position in shares of DraftKings in the 3rd quarter valued at $561,125,000. Capital World Investors increased its holdings in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after buying an additional 8,524,923 shares during the last quarter. Norges Bank purchased a new position in shares of DraftKings in the 4th quarter worth $284,466,000. Finally, Spruce House Investment Management LLC raised its position in shares of DraftKings by 129.6% in the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock worth $208,633,000 after buying an additional 5,446,166 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

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.