Mizuho Cuts DraftKings (NASDAQ:DKNG) Price Target to $44.00

DraftKings (NASDAQ:DKNG) had its price objective lowered by equities researchers at Mizuho from $46.00 to $44.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 101.59% from the company’s current price.

DKNG has been the subject of a number of other reports. UBS Group reissued a “buy” rating on shares of DraftKings in a research note on Wednesday, January 7th. BTIG Research reduced their price objective on DraftKings from $45.00 to $37.00 and set a “buy” rating for the company in a research report on Friday. Needham & Company LLC decreased their price objective on DraftKings from $52.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday. Bank of America cut their target price on DraftKings from $37.50 to $30.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Stifel Nicolaus decreased their price target on DraftKings from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Twenty-three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.52.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $21.83 on Tuesday. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The firm has a market capitalization of $10.86 billion, a PE ratio of -548.38, a P/E/G ratio of 0.43 and a beta of 1.67. DraftKings has a 1-year low of $21.01 and a 1-year high of $53.50. The business’s fifty day moving average price is $31.94 and its two-hundred day moving average price is $35.97.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at $16,005,000. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 47.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Large investors have recently made changes to their positions in the business. Captrust Financial Advisors grew its stake in shares of DraftKings by 14.6% in the 4th quarter. Captrust Financial Advisors now owns 99,756 shares of the company’s stock worth $3,438,000 after purchasing an additional 12,684 shares during the last quarter. Magnetar Financial LLC acquired a new position in DraftKings in the fourth quarter worth approximately $227,000. Rothschild Wealth LLC increased its holdings in shares of DraftKings by 46.6% in the fourth quarter. Rothschild Wealth LLC now owns 8,963 shares of the company’s stock valued at $309,000 after buying an additional 2,850 shares in the last quarter. Rakuten Investment Management Inc. lifted its position in shares of DraftKings by 406.8% during the 4th quarter. Rakuten Investment Management Inc. now owns 18,928 shares of the company’s stock valued at $654,000 after acquiring an additional 15,193 shares during the last quarter. Finally, Brooklands Fund Management Ltd bought a new stake in shares of DraftKings during the 4th quarter worth $948,000. Institutional investors own 37.70% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.