Oppenheimer Trims DraftKings (NASDAQ:DKNG) Target Price to $58.00

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

Several other analysts have also issued reports on DKNG. BMO Capital Markets lifted their target price on shares of DraftKings from $51.00 to $54.00 and gave the company an outperform rating in a research report on Monday, May 6th. JMP Securities reiterated a market outperform rating and issued a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Berenberg Bank raised shares of DraftKings to a hold rating in a research note on Friday, May 31st. Finally, Wells Fargo & Company decreased their price target on shares of DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $49.17.

DraftKings Stock Up 1.4 %

DKNG stock opened at $37.44 on Monday. The firm’s fifty day moving average is $40.45 and its 200 day moving average is $40.60. DraftKings has a one year low of $24.97 and a one year high of $49.57. The firm has a market cap of $32.54 billion, a PE ratio of -31.73 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.

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

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, April 22nd. The stock was 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 approximately $124,498,580.21. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares in the company, valued at $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold a total of 1,520,340 shares of company stock valued at $60,996,583 over the last quarter. 48.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Several large investors have recently added to or reduced their stakes in the business. Highlander Capital Management LLC increased its position in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $29,000. LRI Investments LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $31,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $33,000. 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.