Guggenheim Lowers DraftKings (NASDAQ:DKNG) Price Target to $52.00

DraftKings (NASDAQ:DKNG) had its price target decreased by Guggenheim from $53.00 to $52.00 in a research report sent to investors on Wednesday, Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on DKNG. JPMorgan Chase & Co. reaffirmed an overweight rating and issued a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Stifel Nicolaus dropped their price objective on shares of DraftKings from $51.00 to $50.00 and set a buy rating on the stock in a research report on Wednesday, May 29th. Berenberg Bank raised shares of DraftKings to a hold rating in a research report on Friday, May 31st. BTIG Research increased their target price on DraftKings from $53.00 to $55.00 and gave the company a buy rating in a report on Monday, May 6th. Finally, JMP Securities restated a market outperform rating and issued a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $49.24.

DraftKings Stock Up 2.9 %

Shares of DKNG opened at $38.17 on Wednesday. The company’s 50-day simple moving average is $40.72 and its 200-day simple moving average is $40.54. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 1 year low of $24.97 and a 1 year high of $49.57. The stock has a market capitalization of $33.18 billion, a PE ratio of -32.35 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. DraftKings’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.87) earnings per share. Analysts forecast that DraftKings will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 1,450 shares of DraftKings stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the sale, the insider now directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the transaction, the director now owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,520,340 shares of company stock worth $60,996,583. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its stake in shares of DraftKings by 350.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 448,758 shares of the company’s stock worth $13,211,000 after acquiring an additional 349,112 shares in the last quarter. Hsbc Holdings PLC boosted its position in DraftKings by 655.1% during the third quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock worth $1,913,000 after purchasing an additional 56,387 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in DraftKings in the third quarter valued at $45,000. LPL Financial LLC increased its position in shares of DraftKings by 7.0% in the third quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock valued at $13,175,000 after buying an additional 29,264 shares in the last quarter. Finally, Mariner LLC raised its stake in shares of DraftKings by 25.9% during the 3rd quarter. Mariner LLC now owns 37,692 shares of the company’s stock worth $1,110,000 after buying an additional 7,750 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Company Profile

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.