DraftKings (NASDAQ:DKNG) Price Target Lowered to $51.00 at TD Cowen

DraftKings (NASDAQ:DKNG) had its price objective decreased by TD Cowen from $55.00 to $51.00 in a report issued on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Morgan Stanley raised their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Tuesday, January 7th. JMP Securities decreased their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Wells Fargo & Company raised their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Macquarie raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.92.

DraftKings Price Performance

NASDAQ:DKNG opened at $41.75 on Tuesday. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The firm has a market cap of $36.77 billion, a price-to-earnings ratio of -47.44, a P/E/G ratio of 3.14 and a beta of 1.93. The firm’s 50-day simple moving average is $40.43 and its 200 day simple moving average is $38.26. 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). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, sell-side analysts predict that DraftKings will post -0.93 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 963,742 shares of company stock worth $38,082,888. Company insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of DKNG. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the 4th quarter valued at $246,765,000. Fred Alger Management LLC raised its holdings in DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the last quarter. FMR LLC raised its holdings in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the last quarter. Mizuho Securities USA LLC acquired a new position in DraftKings during the third quarter worth $28,028,000. Finally, Blue Whale Capital LLP raised its holdings in DraftKings by 59.7% during the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after buying an additional 615,011 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.