DraftKings Inc. (NASDAQ:DKNG – Get Free Report)’s share price fell 2.9% during trading on Monday after Oppenheimer lowered their price target on the stock from $60.00 to $58.00. Oppenheimer currently has an outperform rating on the stock. DraftKings traded as low as $36.95 and last traded at $37.08. 1,051,922 shares traded hands during trading, a decline of 91% from the average session volume of 11,363,924 shares. The stock had previously closed at $38.17.
DKNG has been the subject of a number of other reports. Stifel Nicolaus lowered their price objective on DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. UBS Group upped their price target on DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Barclays upped their price target on DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, May 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a report on Monday, March 25th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $49.17.
Insider Transactions at DraftKings
In other news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now owns 205,962 shares in the company, valued at $7,997,504.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders sold 1,520,340 shares of company stock worth $60,996,583 over the last 90 days. 48.94% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of DKNG. Highlander Capital Management LLC grew its holdings in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings during the fourth quarter valued at $26,000. Montag A & Associates Inc. acquired a new stake in shares of DraftKings during the fourth quarter valued at $29,000. LRI Investments LLC acquired a new stake in shares of DraftKings during the first quarter valued at $31,000. Finally, LifeSteps Financial Inc. acquired a new stake in shares of DraftKings during the first quarter valued at $33,000. Institutional investors and hedge funds own 37.70% of the company’s stock.
DraftKings Trading Down 2.3 %
The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a market cap of $32.42 billion, a price-to-earnings ratio of -32.35 and a beta of 1.81. The business has a 50 day moving average of $40.67 and a 200 day moving average of $40.61.
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm’s revenue was up 52.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.87) EPS. On average, research analysts forecast that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.
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.