Mizuho Cuts DraftKings (NASDAQ:DKNG) Price Target to $59.00

DraftKings (NASDAQ:DKNG - Free Report) had its price objective decreased by Mizuho from $62.00 to $59.00 in a report issued on Monday morning, Marketbeat reports. Mizuho currently has an outperform rating on the stock.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a report on Monday, April 7th. Morgan Stanley increased their price objective on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Canaccord Genuity Group increased their price objective on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. Finally, Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.48.

DraftKings Trading Down 0.1 %

Shares of DKNG traded down $0.03 during midday trading on Monday, hitting $33.26. 8,301,282 shares of the stock were exchanged, compared to its average volume of 9,795,233. The firm has a market cap of $29.37 billion, a P/E ratio of -31.38, a P/E/G ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a fifty day simple moving average of $36.64 and a 200 day simple moving average of $39.42.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares in the company, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,628,302 shares of company stock valued at $111,145,088. Company insiders own 51.19% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Beacon Pointe Advisors LLC increased its stake in shares of DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after acquiring an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in shares of DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after acquiring an additional 217 shares during the last quarter. Claro Advisors LLC increased its position in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock worth $673,000 after buying an additional 264 shares during the last quarter. Allworth Financial LP increased its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after buying an additional 271 shares during the last quarter. Finally, Westside Investment Management Inc. increased its position in DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after buying an additional 288 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

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.