DraftKings (NASDAQ:DKNG) Given New $58.00 Price Target at Oppenheimer

DraftKings (NASDAQ:DKNG) had its target price decreased by Oppenheimer from $60.00 to $58.00 in a research report sent to investors on Monday, MarketBeat reports. Oppenheimer currently has an outperform rating on the stock.

Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. reissued an overweight rating and issued a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. The Goldman Sachs Group initiated coverage on shares of DraftKings in a research note on Tuesday, April 16th. They set a buy rating and a $60.00 target price on the stock. BMO Capital Markets raised their target price on DraftKings from $51.00 to $54.00 and gave the stock an outperform rating in a research report on Monday, May 6th. Barclays upped their price target on DraftKings from $52.00 to $54.00 and gave the company an overweight rating in a research report on Monday, May 6th. Finally, Stifel Nicolaus lowered their target price on DraftKings from $51.00 to $50.00 and set a buy rating on the stock in a research note on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $49.17.

DraftKings Price Performance

NASDAQ DKNG opened at $37.30 on Monday. The stock has a market capitalization of $32.42 billion, a P/E ratio of -31.61 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The business’s fifty day moving average is $40.60 and its two-hundred day moving average is $40.61. DraftKings has a 1 year low of $24.97 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.87) earnings per share. On average, research analysts forecast that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now owns 6,814 shares in the company, valued at $244,758.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold a total of 1,520,340 shares of company stock worth $60,996,583 over the last 90 days. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC bought a new position in DraftKings during the third quarter valued at about $45,000. Mariner LLC raised its stake in shares of DraftKings by 25.9% in the third quarter. Mariner LLC now owns 37,692 shares of the company’s stock valued at $1,110,000 after purchasing an additional 7,750 shares in the last quarter. Natixis Advisors L.P. lifted its position in DraftKings by 7.7% in the third quarter. Natixis Advisors L.P. now owns 20,686 shares of the company’s stock worth $609,000 after purchasing an additional 1,476 shares during the period. Mutual Advisors LLC acquired a new stake in DraftKings during the third quarter worth $216,000. Finally, Tower Research Capital LLC TRC increased its holdings in DraftKings by 3,355.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 22,354 shares of the company’s stock valued at $658,000 after buying an additional 21,707 shares during the period. Institutional investors own 37.70% of the company’s stock.

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.