Truist Financial Cuts DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Truist Financial from $60.00 to $50.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also commented on DKNG. Piper Sandler restated an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Morgan Stanley lifted their price target on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. BTIG Research reduced their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday. Barclays dropped their target price on DraftKings from $60.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Citigroup reaffirmed an “outperform” rating on shares of DraftKings in a research report on Wednesday, April 2nd. Three equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.75.

DraftKings Stock Down 1.1 %

NASDAQ:DKNG opened at $33.79 on Wednesday. The stock has a market cap of $29.84 billion, a price-to-earnings ratio of -31.88, a PEG ratio of 1.43 and a beta of 2.16. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a 50-day moving average price of $37.56 and a two-hundred day moving average price of $39.52. DraftKings has a 1 year low of $28.69 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities analysts expect that DraftKings will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. The trade was a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,628,302 shares of company stock valued at $111,145,088 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Several institutional investors have recently added to or reduced their stakes in DKNG. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings in the 4th quarter worth about $28,000. Stonebridge Financial Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth approximately $30,000. Finally, FNY Investment Advisers LLC bought a new position in shares of DraftKings during the first quarter worth approximately $26,000. 37.70% of the stock is currently owned by institutional investors.

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.