DraftKings (NASDAQ:DKNG) Price Target Lowered to $50.00 at Sanford C. Bernstein

DraftKings (NASDAQ:DKNG) had its price target cut by equities research analysts at Sanford C. Bernstein from $55.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein’s price target indicates a potential upside of 63.45% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley restated an “overweight” rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Citigroup restated a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a “hold” rating in a report on Friday, August 8th. Oppenheimer lowered their price target on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Finally, Northland Capmk lowered DraftKings from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

DraftKings Stock Performance

NASDAQ:DKNG opened at $30.59 on Monday. The company has a market cap of $15.19 billion, a price-to-earnings ratio of -47.06, a PEG ratio of 0.95 and a beta of 1.86. DraftKings has a fifty-two week low of $29.64 and a fifty-two week high of $53.61. 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 fifty day moving average price of $39.74 and a 200-day moving average price of $39.63.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the firm earned $0.12 earnings per share. DraftKings’s revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the sale, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 605,554 shares of company stock worth $26,515,100 over the last three months. 47.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC increased its position in DraftKings by 47.9% in the 3rd quarter. Belpointe Asset Management LLC now owns 18,441 shares of the company’s stock valued at $690,000 after acquiring an additional 5,974 shares during the period. Fortis Capital Advisors LLC grew its stake in shares of DraftKings by 47.9% in the third quarter. Fortis Capital Advisors LLC now owns 18,441 shares of the company’s stock worth $690,000 after purchasing an additional 5,974 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in DraftKings by 8.3% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 42,896 shares of the company’s stock valued at $1,604,000 after purchasing an additional 3,282 shares during the period. Barrett & Company Inc. raised its position in DraftKings by 35.8% during the 3rd quarter. Barrett & Company Inc. now owns 2,275 shares of the company’s stock worth $85,000 after purchasing an additional 600 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in DraftKings by 1.4% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 197,740 shares of the company’s stock worth $7,395,000 after buying an additional 2,712 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.