Morgan Stanley Trims DraftKings (NASDAQ:DKNG) Target Price to $47.00

DraftKings (NASDAQ:DKNG) had its price objective reduced by Morgan Stanley from $51.00 to $47.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also issued reports on the company. Wells Fargo & Company dropped their price objective on DraftKings from $53.00 to $47.00 and set an overweight rating for the company in a research note on Monday, August 5th. UBS Group lifted their price target on DraftKings from $56.00 to $60.00 and gave the company a buy rating in a research report on Wednesday, May 15th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a research report on Monday, May 6th. Bank of America dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a buy rating for the company in a research report on Monday, July 22nd. Finally, Oppenheimer decreased their price target on shares of DraftKings from $58.00 to $55.00 and set an outperform rating on the stock in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $49.44.

DraftKings Stock Performance

Shares of DraftKings stock opened at $34.14 on Tuesday. The company’s 50-day moving average price is $36.73 and its 200-day moving average price is $40.52. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings has a 12-month low of $25.41 and a 12-month high of $49.57. The company has a market cap of $29.68 billion, a price-to-earnings ratio of -28.93 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the firm posted ($0.17) EPS. DraftKings’s revenue was up 26.2% on a year-over-year basis. On average, equities analysts expect that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the sale, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,383,546 shares of company stock worth $52,889,617. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several large investors have recently added to or reduced their stakes in DKNG. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of DraftKings by 2.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 100,485 shares of the company’s stock valued at $3,542,000 after purchasing an additional 1,999 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $5,797,000. Cerity Partners LLC raised its position in shares of DraftKings by 9.4% in the 4th quarter. Cerity Partners LLC now owns 19,809 shares of the company’s stock worth $698,000 after acquiring an additional 1,702 shares in the last quarter. Vontobel Holding Ltd. bought a new position in shares of DraftKings in the 4th quarter worth approximately $279,000. Finally, Mackenzie Financial Corp purchased a new position in shares of DraftKings in the 4th quarter valued at approximately $753,000. Institutional investors own 37.70% of the company’s stock.

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.