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

DraftKings (NASDAQ:DKNG) had its target price cut by investment analysts at TD Cowen from $55.00 to $51.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 20.74% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Mizuho raised their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Macquarie boosted their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Morgan Stanley upped their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.92.

DraftKings Trading Up 1.2 %

Shares of DraftKings stock opened at $42.24 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a market capitalization of $37.20 billion, a price-to-earnings ratio of -48.00, a PEG ratio of 3.14 and a beta of 1.93. The firm’s 50-day moving average price is $40.40 and its two-hundred day moving average price is $38.30.

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

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction 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 approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock worth $38,082,888 over the last quarter. Company insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its stake in DraftKings by 36.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,678 shares of the company’s stock worth $62,000 after buying an additional 445 shares during the period. Metis Global Partners LLC increased its holdings in shares of DraftKings by 9.0% during the fourth quarter. Metis Global Partners LLC now owns 5,926 shares of the company’s stock valued at $220,000 after acquiring an additional 489 shares in the last quarter. US Bancorp DE raised its position in shares of DraftKings by 11.5% during the fourth quarter. US Bancorp DE now owns 958,662 shares of the company’s stock worth $35,662,000 after purchasing an additional 98,947 shares during the period. SVB Wealth LLC bought a new position in shares of DraftKings in the 4th quarter worth $4,371,000. Finally, QRG Capital Management Inc. increased its stake in DraftKings by 11.9% during the 4th quarter. QRG Capital Management Inc. now owns 64,272 shares of the company’s stock valued at $2,391,000 after purchasing an additional 6,839 shares in the last quarter. 37.70% of the stock is owned by 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.