Mizuho Lowers DraftKings (NASDAQ:DKNG) Price Target to $46.00

DraftKings (NASDAQ:DKNG) had its price objective reduced by research analysts at Mizuho from $54.00 to $46.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target would indicate a potential upside of 52.74% from the company’s current price.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a report on Monday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $46.00 price objective (down from $50.00) on shares of DraftKings in a report on Monday. BTIG Research reduced their target price on DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Berenberg Bank set a $43.00 price objective on shares of DraftKings and gave the stock a “buy” rating in a research report on Thursday, October 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of DraftKings in a report on Monday. Twenty-six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.38.

DraftKings Stock Down 4.4%

Shares of NASDAQ:DKNG traded down $1.39 during midday trading on Thursday, reaching $30.12. The company had a trading volume of 9,691,937 shares, compared to its average volume of 11,796,947. The business’s 50 day moving average price is $36.86 and its 200 day moving average price is $39.38. DraftKings has a 1-year low of $26.23 and a 1-year high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The stock has a market cap of $14.99 billion, a PE ratio of -52.84, a P/E/G ratio of 1.02 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the firm earned ($0.60) EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Research analysts forecast that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director directly owned 402 shares in the company, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total value of $1,530,533.00. Following the completion of the transaction, the insider directly owned 500,454 shares in the company, valued at approximately $14,513,166. This trade represents a 9.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 337,916 shares of company stock worth $14,118,881. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Private Client Wealth LLC raised its stake in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares during the period. Ameriflex Group Inc. grew its position in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after acquiring an additional 405 shares in the last quarter. Root Financial Partners LLC purchased a new position in DraftKings in the 3rd quarter worth $33,000. Bank of Jackson Hole Trust purchased a new position in DraftKings in the 1st quarter worth $31,000. Finally, Summit Securities Group LLC lifted its stake in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.