TD Securities Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target dropped by TD Securities from $60.00 to $55.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Securities’ price objective indicates a potential upside of 62.77% from the stock’s current price.

DKNG has been the subject of a number of other reports. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Wells Fargo & Company upped their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Guggenheim lowered their price objective on shares of DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Cfra Research upgraded DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Finally, Cowen reiterated a “buy” rating on shares of DraftKings in a report on Thursday. Three investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $54.75.

DraftKings Trading Down 1.1 %

Shares of NASDAQ:DKNG opened at $33.79 on Thursday. The stock has a market capitalization of $29.84 billion, a price-to-earnings ratio of -31.88, a PEG ratio of 1.43 and a beta of 2.16. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a 50 day moving average price of $37.56 and a 200 day moving average price of $39.52. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the sale, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,628,302 shares of company stock worth $111,145,088. 51.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. increased its position in DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after buying an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $874,000. Highland Capital Management LLC bought a new stake in shares of DraftKings in the fourth quarter valued at approximately $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after acquiring an additional 6,059 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.