DraftKings Inc. (NASDAQ:DKNG – Get Rating)’s share price was down 4.9% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $35.00 to $28.00. Citigroup currently has a buy rating on the stock. DraftKings traded as low as $13.75 and last traded at $14.00. Approximately 161,922 shares were traded during trading, a decline of 99% from the average daily volume of 26,340,610 shares. The stock had previously closed at $14.72.
Several other equities analysts have also weighed in on DKNG. Craig Hallum reduced their price target on shares of DraftKings from $40.00 to $30.00 in a research report on Monday, May 9th. Deutsche Bank Aktiengesellschaft cut their target price on shares of DraftKings from $19.00 to $16.00 in a report on Monday, May 9th. Oppenheimer cut their target price on shares of DraftKings from $32.00 to $24.00 in a report on Monday, May 9th. Cowen cut their target price on shares of DraftKings from $60.00 to $50.00 in a report on Wednesday, May 4th. Finally, UBS Group dropped their price target on DraftKings from $44.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, March 17th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $36.36.
In other news, insider Matthew Kalish sold 295,579 shares of DraftKings stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $17.60, for a total transaction of $5,202,190.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 338,027 shares of DraftKings stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $15.58, for a total value of $5,266,460.66. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 150,000 shares of company stock worth $2,806,000. Company insiders own 55.92% of the company’s stock.
Large investors have recently made changes to their positions in the business. Kestra Private Wealth Services LLC raised its holdings in DraftKings by 23.5% in the 1st quarter. Kestra Private Wealth Services LLC now owns 21,808 shares of the company’s stock valued at $425,000 after acquiring an additional 4,145 shares in the last quarter. Advisory Services Network LLC acquired a new position in DraftKings in the 1st quarter valued at approximately $212,000. Cim Investment Management Inc. raised its holdings in DraftKings by 12.6% in the 1st quarter. Cim Investment Management Inc. now owns 57,017 shares of the company’s stock valued at $1,110,000 after acquiring an additional 6,399 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new position in DraftKings in the 1st quarter valued at approximately $1,300,000. Finally, Delphia USA Inc. acquired a new position in DraftKings in the 1st quarter valued at approximately $399,000. 33.91% of the stock is owned by institutional investors.
The company has a market capitalization of $11.22 billion, a P/E ratio of -3.63 and a beta of 2.07. The firm has a 50 day moving average price of $15.57 and a two-hundred day moving average price of $22.05. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.96 and a current ratio of 2.96.
DraftKings (NASDAQ:DKNG – Get Rating) last posted its quarterly earnings results on Friday, May 6th. The company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.08. DraftKings had a negative return on equity of 86.40% and a negative net margin of 117.39%. The business had revenue of $417.21 million during the quarter, compared to analysts’ expectations of $404.20 million. On average, equities analysts expect that DraftKings Inc. will post -3.6 earnings per share for the current year
About DraftKings (NASDAQ:DKNG)
DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.