Macquarie Trims DraftKings (NASDAQ:DKNG) Target Price to $50.00

DraftKings (NASDAQ:DKNG) had its target price decreased by Macquarie from $52.00 to $50.00 in a research report released on Monday morning, Benzinga reports. Macquarie currently has an outperform rating on the stock.

Several other equities analysts have also issued reports on the company. Berenberg Bank upgraded DraftKings to a hold rating in a research note on Friday, May 31st. Deutsche Bank Aktiengesellschaft raised their price objective on DraftKings from $34.00 to $35.00 and gave the company a hold rating in a report on Monday, May 6th. Oppenheimer cut their price objective on DraftKings from $60.00 to $58.00 and set an outperform rating on the stock in a report on Monday, July 1st. The Goldman Sachs Group cut their price objective on DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a report on Monday. Finally, Guggenheim cut their price objective on DraftKings from $53.00 to $52.00 and set a buy rating on the stock in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $49.25.

DraftKings Price Performance

DraftKings stock opened at $30.14 on Monday. The stock’s fifty day moving average price is $37.34 and its two-hundred day moving average price is $40.87. DraftKings has a one year low of $25.41 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $26.20 billion, a PE ratio of -25.54 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the company posted ($0.17) EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, research analysts expect that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the transaction, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the transaction, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,183,546 shares of company stock valued at $46,745,617. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Transcendent Capital Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $26,000. Montag A & Associates Inc. bought a new stake in DraftKings in the 4th quarter valued at about $29,000. LRI Investments LLC bought a new stake in DraftKings during the 1st quarter worth approximately $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings during the 1st quarter worth approximately $33,000. Finally, Concord Wealth Partners increased its holdings in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares in the last quarter. 37.70% 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 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.