DraftKings (NASDAQ:DKNG) Price Target Cut to $46.00 by Analysts at Mizuho

DraftKings (NASDAQ:DKNG) had its price objective reduced by Mizuho from $54.00 to $46.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Truist Financial decreased their price target on shares of DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday. Zacks Research downgraded shares of DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Citigroup decreased their target price on shares of DraftKings from $56.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday. Oppenheimer cut their price target on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. reduced their price target on DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday. Twenty-six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.38.

DraftKings Price Performance

Shares of DraftKings stock traded down $0.11 on Thursday, hitting $29.58. The company’s stock had a trading volume of 17,285,287 shares, compared to its average volume of 20,643,100. The company has a market capitalization of $14.72 billion, a P/E ratio of -51.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86. DraftKings has a 52-week low of $26.23 and a 52-week high of $53.61. The firm has a fifty day moving average price of $36.16 and a 200-day moving average price of $39.28. The company has a quick ratio of 1.34, a current ratio of 1.10 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the firm earned ($0.60) earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. On average, equities research analysts expect that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the transaction, the insider directly owned 512,181 shares of the company’s stock, valued at $24,262,013.97. The trade was a 17.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the sale, the chief financial officer owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 340,612 shares of company stock valued at $14,115,817 in the last three months. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

A number of institutional investors have recently added to or reduced their stakes in DKNG. TD Private Client Wealth LLC raised its position in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the period. Ameriflex Group Inc. grew its stake in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after buying an additional 405 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at about $33,000. Bank of Jackson Hole Trust purchased a new stake in shares of DraftKings during the 1st quarter valued at about $31,000. Finally, Summit Securities Group LLC lifted its position in DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after acquiring an additional 810 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.