UBS Group Lowers DraftKings (NASDAQ:DKNG) Price Target to $48.00

DraftKings (NASDAQ:DKNG) had its price target lowered by investment analysts at UBS Group from $49.00 to $48.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 114.86% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of DraftKings in a research report on Wednesday, June 10th. Weiss Ratings lowered DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft raised their price target on DraftKings from $26.00 to $28.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Sanford C. Bernstein upped their price objective on DraftKings from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Finally, Northland Securities set a $28.00 target price on DraftKings in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $34.36.

DraftKings Stock Performance

DKNG stock opened at $22.34 on Friday. The stock’s 50 day simple moving average is $24.41 and its 200 day simple moving average is $24.58. DraftKings has a 12-month low of $20.46 and a 12-month high of $44.22. The firm has a market cap of $11.09 billion, a P/E ratio of -58.52, a P/E/G ratio of 1.99 and a beta of 1.63. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, August 7th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.07. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 earnings per share. As a group, equities research analysts predict that DraftKings will post 0.49 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 10,759 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total value of $258,753.95. Following the completion of the sale, the director owned 1,881 shares in the company, valued at $45,238.05. This represents a 85.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by company insiders.

Institutional Trading of DraftKings

A number of large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC increased its position in shares of DraftKings by 3.8% during the fourth quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock valued at $357,000 after buying an additional 379 shares during the period. Transatlantique Private Wealth LLC grew its holdings in shares of DraftKings by 1.7% during the 4th quarter. Transatlantique Private Wealth LLC now owns 26,783 shares of the company’s stock worth $923,000 after acquiring an additional 437 shares during the period. Harbour Investments Inc. raised its position in shares of DraftKings by 32.7% in the 4th quarter. Harbour Investments Inc. now owns 2,680 shares of the company’s stock worth $92,000 after acquiring an additional 660 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in shares of DraftKings by 62.3% in the 4th quarter. TD Private Client Wealth LLC now owns 1,891 shares of the company’s stock valued at $65,000 after purchasing an additional 726 shares during the period. Finally, CoreCap Advisors LLC boosted its position in shares of DraftKings by 336.5% during the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock valued at $29,000 after purchasing an additional 885 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Company Profile

DraftKings Inc is a digital sports entertainment and gaming company that operates online sports betting, iGaming and daily fantasy sports platforms. Its products enable customers to place bets on professional and collegiate sports, play online casino games where permitted, and participate in fantasy contests across a range of sports.

The company also offers related services, including retail sportsbooks in select jurisdictions and sports media content through DraftKings Network. Its offerings are available in U.S.