BTIG Research Cuts DraftKings (NASDAQ:DKNG) Price Target to $42.00

DraftKings (NASDAQ:DKNG) had its price target decreased by BTIG Research from $45.00 to $42.00 in a research report report published on Friday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

DKNG has been the subject of several other research reports. Truist Financial decreased their price objective on DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, October 21st. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Morgan Stanley restated an “overweight” rating and issued a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Finally, Susquehanna decreased their target price on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a research note on Tuesday, October 14th. Twenty-six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.83.

DraftKings Stock Up 8.6%

DraftKings stock opened at $30.40 on Friday. The business’s 50-day simple moving average is $37.88 and its two-hundred day simple moving average is $39.48. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $15.09 billion, a PE ratio of -53.33, a PEG ratio of 1.03 and a beta of 1.86. DraftKings has a fifty-two week low of $26.23 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the transaction, the director owned 1,461 shares of the company’s stock, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 552,777 shares of company stock valued at $23,337,924. 47.08% of the stock is owned by insiders.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently modified their holdings of the stock. Brown Advisory Inc. grew its stake in shares of DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after buying an additional 968 shares during the period. Helios Capital Management PTE. Ltd. lifted its holdings in DraftKings by 926.0% in the second quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock valued at $4,889,000 after acquiring an additional 102,889 shares during the last quarter. Claro Advisors LLC grew its position in DraftKings by 121.4% in the second quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock worth $1,712,000 after acquiring an additional 21,890 shares during the period. K.J. Harrison & Partners Inc purchased a new position in DraftKings in the second quarter worth approximately $1,081,000. Finally, Fortis Capital Advisors LLC acquired a new stake in DraftKings during the second quarter worth $535,000. Hedge funds and other institutional investors 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.