DraftKings (NASDAQ:DKNG) Price Target Lowered to $50.00 at Canaccord Genuity Group

DraftKings (NASDAQ:DKNG) had its target price lowered by Canaccord Genuity Group from $54.00 to $50.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 82.35% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. BMO Capital Markets lowered their price target on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. Barclays decreased their target price on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Citigroup initiated coverage on shares of DraftKings in a research note on Friday, November 21st. They issued a “buy” rating and a $48.00 target price for the company. Susquehanna set a $44.00 price target on shares of DraftKings in a report on Tuesday, January 27th. Finally, Sanford C. Bernstein reduced their price target on DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Twenty-four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.27.

DraftKings Trading Down 0.3%

Shares of NASDAQ:DKNG opened at $27.42 on Tuesday. The company has a market capitalization of $13.65 billion, a PE ratio of -48.11, a P/E/G ratio of 0.47 and a beta of 1.63. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. DraftKings has a 12-month low of $26.23 and a 12-month high of $53.61. The business’s fifty day simple moving average is $33.55 and its 200-day simple moving average is $37.30.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned ($0.60) EPS. DraftKings’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities research analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction dated Tuesday, November 11th. The stock was acquired at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. This represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the sale, the insider directly owned 500,000 shares in the company, valued at $16,005,000. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 166,752 shares of company stock worth $5,252,044. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of DraftKings during the fourth quarter worth about $246,000. Montag A & Associates Inc. raised its position in DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after buying an additional 500 shares during the last quarter. Strs Ohio lifted its stake in DraftKings by 56.2% during the 4th quarter. Strs Ohio now owns 244,512 shares of the company’s stock valued at $8,426,000 after acquiring an additional 88,020 shares during the period. Composition Wealth LLC boosted its holdings in shares of DraftKings by 15.8% in the 4th quarter. Composition Wealth LLC now owns 6,443 shares of the company’s stock valued at $222,000 after acquiring an additional 877 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of DraftKings by 928.6% in the fourth quarter. Fifth Third Bancorp now owns 5,750 shares of the company’s stock worth $198,000 after acquiring an additional 5,191 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.