DraftKings (NASDAQ:DKNG) Given New $30.00 Price Target at Truist Financial

DraftKings (NASDAQ:DKNG) had its price target dropped by analysts at Truist Financial from $33.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 27.72% from the stock’s current price.

A number of other equities analysts have also weighed in on DKNG. Texas Capital upgraded DraftKings to a “hold” rating in a research note on Thursday, January 8th. The Goldman Sachs Group dropped their price target on DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a research report on Tuesday, February 17th. Mizuho lowered their target price on shares of DraftKings from $46.00 to $44.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price objective on shares of DraftKings in a research note on Tuesday, March 3rd. Finally, Citigroup decreased their target price on shares of DraftKings from $32.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday. Twenty-five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.84.

DraftKings Stock Up 2.6%

DKNG stock opened at $23.49 on Tuesday. The company has a market capitalization of $11.64 billion, a P/E ratio of -585.13, a price-to-earnings-growth ratio of 0.92 and a beta of 1.68. DraftKings has a 12 month low of $20.46 and a 12 month high of $48.78. The firm’s fifty day simple moving average is $23.55 and its 200-day simple moving average is $29.33. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03.

Insider Transactions at DraftKings

In other DraftKings news, Director Harry Sloan bought 100,000 shares of DraftKings stock in a transaction on Tuesday, February 17th. The shares were bought at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the acquisition, the director directly owned 350,219 shares in the company, valued at $7,652,285.15. This represents a 39.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 496,718 shares of company stock worth $12,477,308 in the last ninety days. 47.18% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Several hedge funds have recently added to or reduced their stakes in DKNG. Vanguard Group Inc. lifted its stake in DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares in the last quarter. Viking Global Investors LP increased its holdings in DraftKings by 27.4% in the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after buying an additional 4,116,561 shares during the last quarter. Capital World Investors increased its holdings in DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in DraftKings by 41.0% in the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after buying an additional 4,788,337 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.