DraftKings (NASDAQ:DKNG) PT Lowered to $30.00 at Truist Securities

DraftKings (NASDAQ:DKNG) had its target price cut by Truist Securities from $50.00 to $30.00 in a report released on Thursday morning, Stock Target Advisor reports.

DKNG has been the subject of several other research reports. Wells Fargo & Company reiterated a buy rating and issued a $41.00 price target on shares of DraftKings in a report on Thursday, December 23rd. Oppenheimer cut their price objective on shares of DraftKings from $80.00 to $70.00 and set an outperform rating on the stock in a research report on Monday, November 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of DraftKings from $46.00 to $27.00 in a research report on Tuesday. Citigroup began coverage on shares of DraftKings in a research report on Tuesday, December 7th. They issued a hold rating and a $36.00 price objective on the stock. Finally, Credit Suisse Group reissued a buy rating and issued a $85.00 price objective on shares of DraftKings in a research report on Wednesday, September 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $58.71.

Shares of NASDAQ DKNG opened at $23.19 on Thursday. The stock has a market cap of $9.43 billion, a P/E ratio of -6.32 and a beta of 1.91. The firm has a 50 day moving average price of $31.61 and a 200 day moving average price of $44.75. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.18 and a current ratio of 3.18. DraftKings has a 52-week low of $22.41 and a 52-week high of $74.38.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, November 5th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.11) by ($0.24). The firm had revenue of $212.82 million for the quarter, compared to analyst estimates of $224.86 million. DraftKings had a negative net margin of 127.81% and a negative return on equity of 65.15%. During the same quarter in the prior year, the firm posted ($0.98) EPS. Analysts predict that DraftKings will post -3.62 earnings per share for the current fiscal year.

In related news, CFO Jason Park sold 88,000 shares of the company’s stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $46.88, for a total value of $4,125,440.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Woodrow Levin purchased 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 18th. The stock was acquired at an average price of $36.81 per share, for a total transaction of $257,670.00. The disclosure for this purchase can be found here. Insiders sold 745,525 shares of company stock worth $34,413,940 over the last three months. Insiders own 62.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of DraftKings by 2.8% in the second quarter. Vanguard Group Inc. now owns 24,780,320 shares of the company’s stock valued at $1,292,790,000 after acquiring an additional 676,174 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in DraftKings by 4.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 19,298,544 shares of the company’s stock worth $1,006,805,000 after buying an additional 898,989 shares in the last quarter. Wellington Management Group LLP grew its stake in DraftKings by 3.7% during the third quarter. Wellington Management Group LLP now owns 15,266,238 shares of the company’s stock worth $735,222,000 after buying an additional 544,809 shares in the last quarter. BlackRock Inc. grew its stake in DraftKings by 4.7% during the third quarter. BlackRock Inc. now owns 14,188,288 shares of the company’s stock worth $683,308,000 after buying an additional 637,208 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in DraftKings by 39.4% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,570,495 shares of the company’s stock worth $509,075,000 after buying an additional 2,990,065 shares in the last quarter. Institutional investors and hedge funds own 62.97% of the company’s stock.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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