Guggenheim Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG - Free Report) had its price objective trimmed by Guggenheim from $61.00 to $60.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on DKNG. Cowen reissued a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Citigroup dropped their price objective on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. BTIG Research dropped their price objective on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Argus set a $60.00 price objective on DraftKings in a research note on Tuesday, February 18th. Finally, Barclays dropped their price objective on DraftKings from $60.00 to $50.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus target price of $55.04.

DraftKings Trading Up 0.8%

Shares of NASDAQ DKNG traded up $0.29 during midday trading on Monday, hitting $36.90. The company's stock had a trading volume of 6,891,711 shares, compared to its average volume of 9,896,848. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business's 50 day moving average is $35.25 and its two-hundred day moving average is $39.29. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market cap of $32.58 billion, a P/E ratio of -34.81, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. As a group, equities research analysts expect that DraftKings will post 0.64 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the transaction, the chief financial officer now owns 171,268 shares in the company, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $1,703,641.56. Following the sale, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. This trade represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,697,908 shares of company stock worth $112,137,019 in the last 90 days. Insiders own 47.08% of the company's stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently modified their holdings of the business. Raiffeisen Bank International AG acquired a new stake in DraftKings in the 4th quarter worth about $25,000. FNY Investment Advisers LLC acquired a new position in DraftKings in the first quarter valued at about $26,000. Smallwood Wealth Investment Management LLC purchased a new position in shares of DraftKings during the 1st quarter worth approximately $27,000. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $28,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings in the fourth quarter valued at approximately $28,000. 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.