TD Cowen Lowers DraftKings (NASDAQ:DKNG) Price Target to $51.00

DraftKings (NASDAQ:DKNG) had its price target lowered by TD Cowen from $55.00 to $51.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently commented on DKNG. Susquehanna lowered their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

DraftKings Stock Performance

Shares of DKNG stock opened at $41.75 on Tuesday. The firm has a 50-day moving average of $40.43 and a 200-day moving average of $38.26. The company has a market cap of $36.77 billion, a P/E ratio of -47.44, a P/E/G ratio of 3.14 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings has a one year low of $28.69 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts forecast that DraftKings will post -0.93 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock valued at $38,082,888 over the last three months. 48.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the fourth quarter worth approximately $30,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings in the third quarter worth approximately $43,000. V Square Quantitative Management LLC bought a new position in shares of DraftKings in the third quarter worth approximately $46,000. Finally, Creative Financial Designs Inc. ADV grew its holdings in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

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.