DraftKings (NASDAQ:DKNG) Now Covered by Analysts at Citigroup

Citigroup began coverage on shares of DraftKings (NASDAQ:DKNG) in a research report sent to investors on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $48.00 price objective on the stock.

Several other equities analysts also recently commented on DKNG. Truist Financial dropped their price objective on shares of DraftKings from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Benchmark reiterated a “buy” rating on shares of DraftKings in a report on Monday. Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Susquehanna lowered their target price on DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a report on Monday, November 10th. Finally, Bank of America downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and cut their target price for the stock from $48.00 to $35.00 in a research report on Tuesday, November 4th. 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.38.

DraftKings Stock Performance

DraftKings stock traded up $0.99 during mid-day trading on Friday, hitting $29.99. 14,297,169 shares of the company’s stock traded hands, compared to its average volume of 20,214,644. The stock has a market cap of $14.93 billion, a price-to-earnings ratio of -52.61, a P/E/G ratio of 2.40 and a beta of 1.86. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. DraftKings has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The firm has a 50 day simple moving average of $34.53 and a two-hundred day simple moving average of $39.13.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) 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 business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the firm earned ($0.60) EPS. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, research analysts expect that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, Director Gregory Westin Wendt purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average cost of $30.27 per share, with a total value of $302,700.00. Following the purchase, the director owned 10,000 shares in the company, valued at $302,700. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the completion of the sale, the insider directly owned 512,181 shares of the company’s stock, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 219,529 shares of company stock valued at $8,601,273 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Ameriflex Group Inc. boosted its position in shares of DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after buying an additional 405 shares during the last quarter. Bank of Jackson Hole Trust bought a new position in DraftKings during the 1st quarter valued at $31,000. Root Financial Partners LLC purchased a new position in DraftKings during the 3rd quarter worth $33,000. TD Private Client Wealth LLC raised its holdings in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the last quarter. Finally, Summit Securities Group LLC increased its position in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after acquiring an additional 810 shares during the last quarter. 37.70% of the stock is owned by 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.