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

DraftKings (NASDAQ:DKNG) had its price target decreased by stock analysts at Truist Financial from $30.00 to $29.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 18.14% from the stock’s previous close.

DKNG has been the topic of a number of other reports. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research report on Monday, June 22nd. Wedbush assumed coverage on shares of DraftKings in a research note on Friday, April 24th. They issued an “outperform” rating for the company. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a research note on Monday. Moffett Nathanson downgraded DraftKings from a “buy” rating to a “neutral” rating and cut their price objective for the company from $38.00 to $27.00 in a research report on Friday, April 24th. Finally, Freedom Capital raised shares of DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have given 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 an average target price of $34.43.

DraftKings Stock Down 1.6%

Shares of DKNG stock traded down $0.39 during trading hours on Monday, hitting $24.55. 1,058,162 shares of the company were exchanged, compared to its average volume of 13,748,310. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $12.18 billion, a price-to-earnings ratio of 409.83 and a beta of 1.65. DraftKings has a one year low of $20.46 and a one year high of $48.78. The business’s 50-day simple moving average is $25.81 and its two-hundred day simple moving average is $26.09.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.07) EPS. Sell-side analysts predict that DraftKings will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 97,596 shares of company stock worth $2,756,991 in the last 90 days. 47.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DKNG. Dagco Inc. bought a new position in shares of DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. increased its stake in shares of DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. Aventura Private Wealth LLC acquired a new stake in DraftKings in the fourth quarter worth $39,000. CoreCap Advisors LLC lifted its holdings in DraftKings by 336.5% during the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after acquiring an additional 885 shares in the last quarter. Finally, SHP Wealth Management acquired a new position in shares of DraftKings in the 4th quarter valued at approximately $42,000. 37.70% of the stock is owned by institutional investors and hedge funds.

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.