DraftKings (NASDAQ:DKNG) Price Target Lowered to $53.00 at Macquarie

DraftKings (NASDAQ:DKNG - Get Free Report) had its price target decreased by Macquarie from $55.00 to $53.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Macquarie's target price indicates a potential upside of 43.63% from the company's previous close.

Other equities analysts have also issued reports about the company. Bank of America reduced their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Citigroup cut their target price on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Mizuho lowered their price target on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Northland Securities set a $50.00 price target on DraftKings in a report on Friday, April 25th. Finally, Barclays lowered their price objective on DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. Two research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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 stock had a trading volume of 6,891,711 shares, compared to its average volume of 9,913,640. The company has a market capitalization of $32.58 billion, a price-to-earnings ratio of -34.81, a PEG ratio of 1.43 and a beta of 1.89. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a fifty day moving average price of $35.25 and a 200 day moving average price of $39.29.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, analysts predict that DraftKings will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares of the company's stock, valued at $7,611,632.70. This represents a 46.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the transaction, the insider now directly owns 601,520 shares in the company, valued at approximately $19,417,065.60. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,697,908 shares of company stock valued at $112,137,019 in the last three months. Insiders own 47.08% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Beacon Pointe Advisors LLC increased its position in DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after purchasing an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of DraftKings by 0.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after acquiring an additional 217 shares during the last quarter. Claro Advisors LLC increased its holdings in shares of DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after acquiring an additional 264 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock valued at $132,000 after acquiring an additional 270 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in shares of DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after acquiring an additional 271 shares during the last quarter. 37.70% of the stock is 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.