DraftKings (NASDAQ:DKNG) Price Target Cut to $51.00 by Analysts at TD Cowen

DraftKings (NASDAQ:DKNG) had its price target reduced by equities researchers at TD Cowen from $55.00 to $51.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 24.08% from the stock’s current price.

A number of other analysts have also issued reports on DKNG. JPMorgan Chase & Co. boosted their price objective on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company boosted their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JMP Securities reduced their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Monday, January 6th. Finally, Barclays increased their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $50.92.

DraftKings Stock Down 0.7 %

DraftKings stock traded down $0.29 during mid-day trading on Tuesday, reaching $41.10. The company’s stock had a trading volume of 7,923,081 shares, compared to its average volume of 7,483,774. The business’s 50 day simple moving average is $40.43 and its 200 day simple moving average is $38.26. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market capitalization of $36.20 billion, a price-to-earnings ratio of -46.73, a price-to-earnings-growth ratio of 3.14 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts anticipate that DraftKings will post -0.93 earnings per share for the current year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock worth $38,082,888 in the last ninety days. Corporate insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of institutional investors have recently made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the fourth quarter worth $28,000. Synergy Asset Management LLC purchased a new position in shares of DraftKings in the 4th quarter valued at $30,000. Delos Wealth Advisors LLC purchased a new position in DraftKings in the third quarter worth $43,000. V Square Quantitative Management LLC acquired a new position in DraftKings during the 3rd quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV boosted its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. 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.