BTIG Research Cuts DraftKings (NASDAQ:DKNG) Price Target to $52.00

DraftKings (NASDAQ:DKNG - Get Free Report) had its price target lowered by equities researchers at BTIG Research from $64.00 to $52.00 in a note issued to investors on Tuesday, MarketBeat.com reports. The firm currently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 53.89% from the stock's current price.

A number of other research analysts also recently issued reports on the stock. Piper Sandler restated an "overweight" rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. JPMorgan Chase & Co. raised their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Barclays upped their target price on DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Truist Financial raised their price target on DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, February 18th. Finally, TD Cowen reduced their price objective on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.75.

DraftKings Stock Down 1.1 %

DraftKings stock traded down $0.39 during midday trading on Tuesday, hitting $33.79. The stock had a trading volume of 10,415,595 shares, compared to its average volume of 9,798,324. The business has a fifty day moving average price of $37.56 and a 200 day moving average price of $39.53. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The stock has a market cap of $29.84 billion, a P/E ratio of -31.88, a P/E/G ratio of 1.43 and a beta of 2.16. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Research analysts predict that DraftKings will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares of the company's stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,628,302 shares of company stock worth $111,145,088 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after purchasing an additional 707,504 shares in the last quarter. FMR LLC increased its stake in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC raised its holdings in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC lifted its stake in DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after buying an additional 89,988 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

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.