DraftKings (NASDAQ:DKNG) Price Target Lowered to $41.00 at Sanford C. Bernstein

DraftKings (NASDAQ:DKNG) had its target price decreased by Sanford C. Bernstein from $50.00 to $41.00 in a research report released on Monday morning,Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the stock.

A number of other equities analysts have also issued reports on the company. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $48.00 to $35.00 in a research note on Tuesday, November 4th. Truist Financial reduced their price objective on DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, October 21st. Susquehanna decreased their target price on DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a report on Tuesday, October 14th. Stifel Nicolaus cut their price target on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, Zacks Research lowered shares of DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Twenty-six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.66.

DraftKings Trading Up 0.5%

DraftKings stock opened at $30.54 on Monday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $15.16 billion, a PE ratio of -53.58, a price-to-earnings-growth ratio of 1.03 and a beta of 1.86. The stock has a 50-day moving average of $37.53 and a two-hundred day moving average of $39.45. DraftKings has a one year low of $26.23 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Activity

In other news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director directly owned 1,461 shares of the company’s stock, valued at $63,129.81. The trade was a 76.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the completion of the transaction, the insider owned 500,454 shares of the company’s stock, valued at approximately $14,513,166. This represents a 9.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 342,777 shares of company stock worth $14,328,924 over the last 90 days. Company insiders own 47.08% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of the business. IHT Wealth Management LLC lifted its stake in shares of DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after purchasing an additional 248 shares in the last quarter. Brooklyn Investment Group raised 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 buying an additional 270 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares during the period. Farther Finance Advisors LLC lifted its position in DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares in the last quarter. Finally, Obermeyer Wealth Partners boosted its holdings in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after acquiring an additional 297 shares during the period. 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.