DraftKings (NASDAQ:DKNG) Price Target Cut to $48.00 by Analysts at Macquarie

DraftKings (NASDAQ:DKNG) had its price objective dropped by equities researchers at Macquarie from $50.00 to $48.00 in a report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price target indicates a potential upside of 55.31% from the stock’s previous close.

A number of other research firms have also recently commented on DKNG. UBS Group dropped their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Citigroup reaffirmed a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. BMO Capital Markets reduced their target price on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Jefferies Financial Group set a $52.00 price objective on shares of DraftKings in a research note on Monday, October 6th. Finally, Benchmark reduced their price target on shares of DraftKings from $43.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday. Twenty-six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.93.

DraftKings Price Performance

DraftKings stock traded up $0.51 during trading hours on Monday, hitting $30.91. The stock had a trading volume of 16,649,546 shares, compared to its average volume of 11,699,496. DraftKings has a 1-year low of $26.23 and a 1-year high of $53.61. The stock has a market capitalization of $15.34 billion, a price-to-earnings ratio of -54.08, a PEG ratio of 1.03 and a beta of 1.86. The stock’s fifty day moving average is $37.88 and its two-hundred day moving average is $39.48. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the business posted ($0.60) earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This trade represents a 4.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the sale, the director owned 1,461 shares in the company, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 552,777 shares of company stock valued at $23,337,924 in the last quarter. 47.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Large investors have recently bought and sold shares of the company. Bank of Jackson Hole Trust acquired a new stake in shares of DraftKings in the first quarter valued at approximately $31,000. Root Financial Partners LLC acquired a new stake in shares of DraftKings during the 3rd quarter valued at $33,000. TD Private Client Wealth LLC grew its holdings in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Summit Securities Group LLC lifted its holdings in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the period. Finally, AlphaQuest LLC bought a new stake in shares of DraftKings in the third quarter worth $41,000. 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.