Truist Financial Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective lowered by investment analysts at Truist Financial from $29.00 to $26.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 29.39% from the company’s previous close.

DKNG has been the topic of several other research reports. Northland Securities set a $28.00 price objective on shares of DraftKings in a research report on Monday, August 10th. Benchmark boosted their target price on shares of DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Citigroup dropped their target price on shares of DraftKings from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Sanford C. Bernstein upped their target price 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. Finally, Susquehanna cut their target price on shares of DraftKings from $33.00 to $27.00 and set a “positive” rating for the company in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.48.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded up $0.33 during trading on Tuesday, hitting $20.09. 2,634,064 shares of the company’s stock were exchanged, compared to its average volume of 13,541,738. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02. DraftKings has a 52-week low of $18.35 and a 52-week high of $36.98. The business’s 50-day simple moving average is $22.65 and its 200 day simple moving average is $23.97. The company has a market cap of $9.98 billion, a price-to-earnings ratio of -52.99, a PEG ratio of 1.91 and a beta of 1.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the company earned $0.30 EPS. The firm’s quarterly revenue was down 4.6% on a year-over-year basis. As a group, equities analysts predict that DraftKings will post 0.40 EPS for the current year.

Insider Buying and Selling

In other DraftKings 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 transaction of $258,753.95. Following the completion of the transaction, the director 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 filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.

Institutional Trading of DraftKings

A number of large investors have recently added to or reduced their stakes in the company. Net Worth Advisory Group bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $279,000. Secure Asset Management LLC bought a new stake in DraftKings in the third quarter worth $4,224,000. SteelPeak Wealth LLC bought a new stake in DraftKings in the third quarter worth $344,000. Vontobel Holding Ltd. boosted its stake in DraftKings by 81.7% during the third quarter. Vontobel Holding Ltd. now owns 34,988 shares of the company’s stock worth $665,000 after buying an additional 15,727 shares during the period. Finally, Elevated Private Wealth LLC boosted its stake in DraftKings by 13.2% during the third quarter. Elevated Private Wealth LLC now owns 63,477 shares of the company’s stock worth $1,206,000 after buying an additional 7,382 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.