DraftKings (NASDAQ:DKNG) Stock Gets Price Target Reduction from Citigroup

DraftKings (NASDAQ:DKNG) had its target price reduced by Citigroup from $32.00 to $28.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Truist Financial set a $29.00 target price on DraftKings in a research note on Monday, August 10th. Wolfe Research assumed coverage on shares of DraftKings in a report on Wednesday, September 2nd. They set an “outperform” rating and a $40.00 price target for the company. Sanford C. Bernstein upped their price target on shares of DraftKings from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. Benchmark increased their price objective on shares of DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, Susquehanna dropped their price objective on shares of DraftKings from $33.00 to $27.00 and set a “positive” rating on the stock in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.70.

DraftKings Stock Performance

DKNG stock opened at $18.90 on Monday. DraftKings has a 1-year low of $18.50 and a 1-year high of $36.98. The firm has a fifty day moving average price of $22.90 and a two-hundred day moving average price of $24.01. 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 posted its quarterly earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period last year, the firm posted $0.30 EPS. As a group, analysts anticipate that DraftKings will post 0.40 EPS for the current fiscal year.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 10,759 shares of the firm’s stock in a transaction that occurred 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 sale, the director directly owned 1,881 shares in the company, valued at $45,238.05. This trade represents a 85.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Ascentis Independent Advisors acquired a new stake in DraftKings in the 1st quarter valued at about $27,000. Basecamp Wealth Advisors LLC boosted its position in shares of DraftKings by 3,547.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after purchasing an additional 1,206 shares in the last quarter. CoreCap Advisors LLC grew its stake in shares of DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares during the last quarter. SHP Wealth Management acquired a new position in shares of DraftKings in the 4th quarter worth approximately $42,000. Finally, Root Financial Partners LLC grew its stake in shares of DraftKings by 208.0% in the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock worth $60,000 after purchasing an additional 1,874 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Company Profile

DraftKings Inc is a digital sports entertainment and gaming company that provides online sports betting, daily fantasy sports and internet-based casino gaming. Its products are delivered through mobile applications and websites, allowing customers to wager on professional and collegiate sports, participate in fantasy contests and play a range of casino games where permitted by law.

The company also offers sports and betting-related content through DraftKings Network and operates additional gaming and entertainment products, including online lottery services in select markets.