DraftKings (NASDAQ:DKNG) Price Target Cut to $41.00 by Analysts at Sanford C. Bernstein

DraftKings (NASDAQ:DKNG) had its price objective decreased by stock analysts at Sanford C. Bernstein from $50.00 to $41.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Sanford C. Bernstein’s price target indicates a potential upside of 34.87% from the company’s current price.

A number of other equities analysts have also recently issued reports on DKNG. BMO Capital Markets dropped their price objective on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. Wall Street Zen lowered DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Barclays reaffirmed an “overweight” rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Citigroup reissued a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. Finally, Stifel Nicolaus cut their price objective on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Twenty-six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.69.

DraftKings Trading Up 8.6%

NASDAQ DKNG opened at $30.40 on Monday. The stock’s 50 day moving average is $37.88 and its 200 day moving average is $39.48. The firm has a market capitalization of $15.09 billion, a PE ratio of -53.33, a P/E/G ratio of 1.03 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings has a twelve month low of $26.23 and a twelve month 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 analysts’ consensus estimates 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 firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business posted ($0.60) earnings per share. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Research analysts forecast that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In other 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 value of $3,507,828.80. Following the transaction, the director directly owned 402 shares of the company’s stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the insider owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 552,777 shares of company stock valued at $23,337,924. 47.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of DKNG. TD Private Client Wealth LLC lifted its stake in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the period. Root Financial Partners LLC acquired a new stake in shares of DraftKings in the third quarter worth $33,000. Bank of Jackson Hole Trust purchased a new position in shares of DraftKings during the first quarter worth $31,000. Summit Securities Group LLC lifted its position in DraftKings by 349.1% during the first 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 during the period. Finally, Atlantic Union Bankshares Corp purchased a new stake in DraftKings in the second quarter valued at $45,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.