DraftKings (NASDAQ:DKNG) Given New $34.00 Price Target at Citizens Jmp

DraftKings (NASDAQ:DKNG) had its target price decreased by Citizens Jmp from $38.00 to $34.00 in a research report released on Wednesday morning,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

DKNG has been the subject of several other reports. UBS Group lowered their price objective on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, March 16th. Jefferies Financial Group set a $46.00 price objective on DraftKings in a research note on Tuesday, March 3rd. Truist Financial decreased their target price on DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Citigroup reissued a “market outperform” rating on shares of DraftKings in a report on Tuesday, February 24th. Finally, Rothschild & Co Redburn set a $35.00 price target on shares of DraftKings in a report on Friday, January 30th. Twenty-five 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.91.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $22.16 on Wednesday. The firm has a 50 day moving average of $24.98 and a 200-day moving average of $31.09. DraftKings has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The stock has a market capitalization of $10.99 billion, a PE ratio of -554.00, a PEG ratio of 0.87 and a beta of 1.67.

Insiders Place Their Bets

In other news, CAO Erik Bradbury sold 7,268 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the sale, the chief accounting officer directly owned 36,736 shares in the company, valued at approximately $826,560. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at $5,374,100.52. This represents a 69.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 549,495 shares of company stock worth $14,166,700. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in DraftKings by 3.1% during the 4th 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 raised 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 valued at $858,893,000 after acquiring an additional 8,524,923 shares during the last quarter. Viking Global Investors LP raised its stake in shares of DraftKings by 27.4% during the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after acquiring an additional 4,116,561 shares during the last quarter. Capital World Investors lifted its holdings in shares of DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after purchasing an additional 12,008,357 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of DraftKings by 41.0% during the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after purchasing an additional 4,788,337 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Company Profile

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.