DraftKings (NASDAQ:DKNG) Given New $61.00 Price Target at Guggenheim

DraftKings (NASDAQ:DKNG - Free Report) had its target price trimmed by Guggenheim from $62.00 to $61.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also issued reports on the company. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. TD Cowen dropped their target price on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $55.27.

Remove Ads

DraftKings Price Performance

Shares of DraftKings stock traded down $0.67 during trading on Thursday, hitting $33.56. The stock had a trading volume of 7,024,581 shares, compared to its average volume of 9,783,482. 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 business has a fifty day moving average of $39.94 and a two-hundred day moving average of $39.84. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $16.78 billion, a P/E ratio of -31.66, a PEG ratio of 1.43 and a beta of 2.16.

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

Insider Activity

In other news, Director Jocelyn Moore sold 3,420 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason Robins sold 666,651 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,575,525 shares of company stock worth $109,441,446. Company insiders own 51.19% of the company's stock.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raiffeisen Bank International AG bought a new stake in shares of DraftKings during the fourth quarter worth $25,000. Stonebridge Financial Group LLC bought a new position in shares of DraftKings in the 4th quarter valued at about $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $30,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the last quarter. Institutional investors and hedge funds 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.