Guggenheim Lowers DraftKings (NASDAQ:DKNG) Price Target to $60.00

DraftKings (NASDAQ:DKNG) had its price objective dropped by equities research analysts at Guggenheim from $61.00 to $60.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 57.15% from the company’s previous close.

Other analysts have also issued research reports about the company. Citigroup lowered their price target on DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a report on Friday, April 25th. Truist Financial lowered their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. JMP Securities set a $57.00 target price on DraftKings in a report on Wednesday, April 2nd. Mizuho lowered their target price on DraftKings from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Finally, Cowen reissued a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $55.14.

DraftKings Stock Performance

NASDAQ DKNG traded up $1.95 on Monday, hitting $38.18. 3,274,833 shares of the company traded hands, compared to its average volume of 10,924,608. The company has a market capitalization of $33.71 billion, a price-to-earnings ratio of -36.02, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s 50 day moving average price is $35.48 and its 200-day moving average price is $39.30. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly 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%. Equities analysts expect that DraftKings will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. This trade represents a 12.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $34.04, for a total value of $1,796,529.08. Following the completion of the sale, the insider now owns 549,197 shares in the company, valued at approximately $18,694,665.88. This represents a 8.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,681,079 shares of company stock worth $112,941,617 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank increased its position in DraftKings by 0.3% in the 1st quarter. Swiss National Bank now owns 1,237,764 shares of the company’s stock valued at $41,106,000 after acquiring an additional 3,300 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of DraftKings by 6.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 554,136 shares of the company’s stock valued at $18,403,000 after buying an additional 35,092 shares during the period. CenterBook Partners LP acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $7,767,000. Ontario Teachers Pension Plan Board acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $636,000. Finally, Altfest L J & Co. Inc. acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $502,000. Hedge funds and other 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.