Jefferies Financial Group Issues Pessimistic Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG - Free Report) had its price target cut by Jefferies Financial Group from $60.00 to $53.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

DKNG has been the subject of several other research reports. Guggenheim reduced their price objective on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Cfra Research upgraded shares of DraftKings to a "moderate buy" rating in a report on Monday, April 14th. Citigroup upped their price objective on shares of DraftKings from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday. Stifel Nicolaus decreased their target price on DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Macquarie cut their price target on DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.90.

DraftKings Price Performance

NASDAQ:DKNG traded down $0.65 during trading hours on Thursday, hitting $40.68. The company's stock had a trading volume of 6,794,721 shares, compared to its average volume of 9,693,959. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a fifty day simple moving average of $37.02 and a 200-day simple moving average of $38.49. The company has a market capitalization of $36.17 billion, a P/E ratio of -49.01, a PEG ratio of 1.06 and a beta of 1.67.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares of the company's stock, valued at $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the transaction, the insider directly owned 4,155,130 shares of the company's stock, valued at approximately $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock valued at $19,748,622 over the last quarter. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Raiffeisen Bank International AG purchased a new position in shares of DraftKings in the fourth quarter valued at $25,000. FNY Investment Advisers LLC purchased a new position in DraftKings during the first quarter valued at approximately $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings in the 1st quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings in the 4th quarter worth approximately $28,000. Finally, GPS Wealth Strategies Group LLC boosted its holdings in DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares during the period. Institutional investors 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.