DraftKings (NASDAQ:DKNG) Price Target Lowered to $45.00 at Truist Financial

DraftKings (NASDAQ:DKNG) had its price target decreased by equities research analysts at Truist Financial from $50.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 45.66% from the company’s previous close.

Several other research analysts also recently issued reports on DKNG. BTIG Research cut their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Friday. Barclays reaffirmed an “overweight” rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 target price on shares of DraftKings in a research note on Monday. Finally, Benchmark dropped their price target on DraftKings from $43.00 to $37.00 and set a “buy” rating for the company in a research report on Friday. Twenty-six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.86.

DraftKings Price Performance

Shares of DKNG stock traded up $0.49 during midday trading on Monday, reaching $30.89. 12,029,398 shares of the company traded hands, compared to its average volume of 11,676,911. The firm’s 50 day simple moving average is $37.88 and its two-hundred day simple moving average is $39.48. The firm has a market cap of $15.34 billion, a PE ratio of -54.39, a price-to-earnings-growth ratio of 1.03 and a beta of 1.86. 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 has a 1-year low of $26.23 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts expect that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In related news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 552,777 shares of company stock worth $23,337,924. Company insiders own 47.08% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Jackson Hole Trust purchased a new stake in shares of DraftKings during the 1st quarter valued at $31,000. Root Financial Partners LLC purchased a new stake in DraftKings during the third quarter valued at about $33,000. TD Private Client Wealth LLC increased its stake in 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 acquiring an additional 282 shares during the last quarter. Summit Securities Group LLC lifted its stake in shares of DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares in the last quarter. Finally, AlphaQuest LLC purchased a new position in DraftKings in the third quarter valued at approximately $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.