DraftKings (NASDAQ:DKNG) Price Target Cut to $53.00 by Analysts at Macquarie

DraftKings (NASDAQ:DKNG) had its price target trimmed by Macquarie from $55.00 to $53.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

DKNG has been the subject of a number of other reports. JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Barclays decreased their price objective on DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday. Bank of America decreased their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. Finally, Northland Securities set a $50.00 price objective on DraftKings in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.04.

DraftKings Stock Performance

Shares of DKNG stock opened at $38.25 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market cap of $33.77 billion, a PE ratio of -36.08, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The stock has a 50-day moving average of $35.30 and a 200-day moving average of $39.29. DraftKings has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, sell-side analysts expect that DraftKings will post 0.64 earnings per share for the current year.

Insider Activity

In other news, insider Jason Robins sold 666,651 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,691,079 shares of company stock valued at $111,885,917. 47.08% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its position in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the period. Norges Bank bought a new stake in shares of DraftKings during the 4th quarter worth about $276,328,000. FMR LLC grew its stake in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. bought a new position in DraftKings in the 4th quarter valued at about $246,765,000. Finally, Nuveen LLC bought a new position in DraftKings in the 1st quarter valued at about $107,739,000. 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.