Truist Financial Cuts DraftKings (NASDAQ:DKNG) Price Target to $29.00

DraftKings (NASDAQ:DKNG) had its price objective decreased by Truist Financial from $30.00 to $29.00 in a report released on Monday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of DraftKings in a research report on Wednesday, June 10th. Freedom Capital raised DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. Barclays lifted their target price on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. New Street Research set a $29.00 price target on DraftKings in a research report on Monday, June 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a research report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.37.

DraftKings Trading Down 4.3%

DKNG opened at $22.83 on Monday. The stock has a market capitalization of $11.33 billion, a P/E ratio of 380.50 and a beta of 1.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings has a 12 month low of $20.46 and a 12 month high of $48.78. The firm’s fifty day simple moving average is $25.74 and its 200 day simple moving average is $25.86.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) EPS. As a group, research analysts anticipate that DraftKings will post 0.54 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 97,596 shares of company stock valued at $2,756,991 in the last quarter. 47.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Large investors have recently added to or reduced their stakes in the business. Viking Global Investors LP bought a new position in DraftKings during the third quarter worth $561,125,000. Capital World Investors lifted its stake in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after buying an additional 8,524,923 shares during the period. Norges Bank bought a new stake in shares of DraftKings during the 4th quarter worth about $284,466,000. Finally, Spruce House Investment Management LLC grew its stake in DraftKings by 129.6% in the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after buying an additional 5,446,166 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.