DraftKings (NASDAQ:DKNG) Price Target Cut to $29.00 by Analysts at Wells Fargo & Company

DraftKings (NASDAQ:DKNG) had its price target reduced by Wells Fargo & Company from $32.00 to $29.00 in a research note released on Monday, Marketbeat.com reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on DKNG. Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a research report on Friday, April 24th. Citizens Jmp upped their price objective on shares of DraftKings from $34.00 to $36.00 and gave the company a “market outperform” rating in a report on Thursday, June 25th. HSBC upgraded shares of DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. Wedbush started coverage on shares of DraftKings in a research report on Friday, April 24th. They set an “outperform” rating for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target on shares of DraftKings in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.43.

DraftKings Stock Down 2.5%

DraftKings stock opened at $24.32 on Monday. The business’s 50-day simple moving average is $25.80 and its two-hundred day simple moving average is $26.02. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $12.07 billion, a PE ratio of 405.33 and a beta of 1.65. DraftKings has a fifty-two week low of $20.46 and a fifty-two week high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. Equities analysts anticipate that DraftKings will post 0.54 EPS for the current year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, 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 SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the last quarter. Waycross Partners LLC purchased a new stake in DraftKings in the fourth quarter valued at $2,584,000. DAVENPORT & Co LLC lifted its stake in shares of DraftKings by 11.2% in the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after purchasing an additional 348,333 shares during the last quarter. Stableford Capital II LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $2,476,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of DraftKings by 11.0% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company’s stock worth $150,621,000 after purchasing an additional 433,963 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.