DraftKings (NASDAQ:DKNG) Price Target Lowered to $46.00 at Mizuho

DraftKings (NASDAQ:DKNG) had its price target dropped by analysts at Mizuho from $54.00 to $46.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 52.74% from the company’s current price.

DKNG has been the topic of several other reports. Canaccord Genuity Group dropped their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. JPMorgan Chase & Co. dropped their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a report on Monday. Oppenheimer lowered their price target on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Macquarie dropped their price objective on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, JMP Securities lowered their target price on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. Twenty-six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.38.

DraftKings Trading Down 4.4%

Shares of NASDAQ:DKNG traded down $1.39 on Thursday, hitting $30.12. The company had a trading volume of 9,691,937 shares, compared to its average volume of 11,796,947. The firm’s 50-day simple moving average is $36.86 and its two-hundred day simple moving average is $39.38. The firm has a market capitalization of $14.99 billion, a price-to-earnings ratio of -52.84, a P/E/G ratio of 1.02 and a beta of 1.86. 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 has a 1 year low of $26.23 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director directly owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry Sloan acquired 25,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average cost of $30.30 per share, with a total value of $757,500.00. Following the acquisition, the director directly owned 249,712 shares in the company, valued at approximately $7,566,273.60. The trade was a 11.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 337,916 shares of company stock valued at $14,118,881. 51.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock worth $1,876,924,000 after acquiring an additional 670,884 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after buying an additional 130,434 shares during the period. Geode Capital Management LLC boosted its position in shares of DraftKings by 5.4% during the second quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock valued at $385,552,000 after buying an additional 458,452 shares during the period. Norges Bank purchased a new stake in shares of DraftKings in the second quarter worth approximately $362,554,000. Finally, Baillie Gifford & Co. boosted its holdings in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the period. 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.