DraftKings (NASDAQ:DKNG) Price Target Cut to $51.00 by Analysts at Morgan Stanley

DraftKings (NASDAQ:DKNG - Get Free Report) had its target price decreased by research analysts at Morgan Stanley from $53.00 to $51.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective would indicate a potential upside of 43.70% from the company's previous close.

Several other equities analysts have also recently issued reports on the company. Argus set a $60.00 price target on DraftKings in a report on Tuesday, February 18th. Barclays reduced their target price on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday, May 12th. Piper Sandler reissued an "overweight" rating and set a $60.00 price target (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Citigroup reduced their price objective on shares of DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, Wells Fargo & Company lifted their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. One research analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $54.96.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.11 during midday trading on Friday, reaching $35.49. The company's stock had a trading volume of 10,061,472 shares, compared to its average volume of 9,697,462. The business's fifty day simple moving average is $34.66 and its 200-day simple moving average is $39.08. The company has a market capitalization of $31.56 billion, a P/E ratio of -33.48, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the transaction, the insider now directly owns 4,140,509 shares in the company, valued at approximately $168,146,070.49. The trade was a 4.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of the 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 completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,285,011 shares of company stock valued at $49,481,410. 51.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Several institutional investors and hedge funds have recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the fourth quarter valued at about $25,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings during the 1st quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC bought a new position in shares of DraftKings during the first quarter worth approximately $27,000. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $28,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the fourth quarter valued at approximately $28,000. 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.