DraftKings (NASDAQ:DKNG) PT Lowered to $30.00 at Truist Securities

DraftKings (NASDAQ:DKNG) had its price objective reduced by Truist Securities from $50.00 to $30.00 in a report issued on Thursday, Stock Target Advisor reports.

A number of other equities analysts also recently issued reports on DKNG. Truist cut their price objective on shares of DraftKings from $50.00 to $30.00 in a report on Thursday. Moffett Nathanson initiated coverage on shares of DraftKings in a report on Monday, December 13th. They set a neutral rating and a $36.00 price objective on the stock. CBRE Group initiated coverage on shares of DraftKings in a report on Tuesday, December 7th. They set a hold rating and a $36.00 price objective on the stock. Zacks Investment Research raised shares of DraftKings from a sell rating to a hold rating in a report on Wednesday, January 5th. Finally, Credit Suisse Group reiterated a buy rating and set a $85.00 target price on shares of DraftKings in a research note on Wednesday, September 15th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $58.71.

NASDAQ DKNG opened at $23.19 on Thursday. The company has a fifty day simple moving average of $31.61 and a 200 day simple moving average of $44.75. DraftKings has a 12-month low of $22.41 and a 12-month high of $74.38. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.68. The company has a market cap of $9.43 billion, a P/E ratio of -6.32 and a beta of 1.91.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, November 5th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.24). The business had revenue of $212.82 million during the quarter, compared to analyst estimates of $224.86 million. DraftKings had a negative net margin of 127.81% and a negative return on equity of 65.15%. During the same period in the previous year, the business posted ($0.98) EPS. Sell-side analysts predict that DraftKings will post -3.62 EPS for the current year.

In other DraftKings news, insider Jason Robins sold 333,334 shares of DraftKings stock in a transaction dated Thursday, October 21st. The stock was sold at an average price of $49.33, for a total transaction of $16,443,366.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 50,588 shares of the business’s stock in a transaction dated Wednesday, October 27th. The stock was sold at an average price of $48.62, for a total value of $2,459,588.56. The disclosure for this sale can be found here. Insiders have sold a total of 745,525 shares of company stock valued at $34,413,940 in the last ninety days. Insiders own 62.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of DKNG. Parkside Financial Bank & Trust grew its holdings in shares of DraftKings by 666.2% during the third quarter. Parkside Financial Bank & Trust now owns 521 shares of the company’s stock worth $25,000 after purchasing an additional 453 shares in the last quarter. Northern Oak Wealth Management Inc. grew its holdings in shares of DraftKings by 57.1% during the second quarter. Northern Oak Wealth Management Inc. now owns 550 shares of the company’s stock worth $29,000 after purchasing an additional 200 shares in the last quarter. Allworth Financial LP boosted its stake in DraftKings by 72.0% in the third quarter. Allworth Financial LP now owns 860 shares of the company’s stock worth $41,000 after buying an additional 360 shares in the last quarter. Clearstead Advisors LLC boosted its stake in DraftKings by 362.2% in the second quarter. Clearstead Advisors LLC now owns 832 shares of the company’s stock worth $43,000 after buying an additional 652 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in DraftKings by 48.8% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,665 shares of the company’s stock worth $46,000 after buying an additional 546 shares in the last quarter. 62.97% of the stock is owned by institutional investors.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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