DraftKings (NASDAQ:DKNG) Price Target Cut to $35.00 by Analysts at BTIG Research

DraftKings (NASDAQ:DKNG) had its price target reduced by investment analysts at BTIG Research from $37.00 to $35.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price objective indicates a potential upside of 52.57% from the stock’s current price.

Other research analysts have also issued reports about the company. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a report on Tuesday. UBS Group reaffirmed a “buy” rating on shares of DraftKings in a research report on Wednesday, January 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, January 21st. Wells Fargo & Company set a $30.00 price objective on DraftKings in a research report on Monday, February 16th. Finally, Macquarie Infrastructure reduced their target price on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, November 10th. Twenty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.76.

DraftKings Stock Performance

Shares of DKNG stock opened at $22.94 on Thursday. The firm has a 50 day moving average of $30.21 and a two-hundred day moving average of $34.95. The stock has a market capitalization of $11.31 billion, a PE ratio of -573.50, a P/E/G ratio of 0.92 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings has a 52 week low of $21.01 and a 52 week high of $48.78.

Insider Activity at DraftKings

In other news, CAO Erik Bradbury sold 7,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total transaction of $163,530.00. Following the transaction, the chief accounting officer directly owned 36,736 shares in the company, valued at approximately $826,560. This trade represents a 16.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry Sloan purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average price of $21.85 per share, with a total value of $2,185,000.00. Following the purchase, the director owned 350,219 shares in the company, valued at $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 112,822 shares of company stock valued at $3,638,895 over the last ninety days. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently made changes to their positions in DKNG. Dagco Inc. acquired a new stake in shares of DraftKings in the 4th quarter valued at approximately $26,000. Ameriflex Group Inc. raised its position in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after acquiring an additional 405 shares in the last quarter. Root Financial Partners LLC acquired a new stake in DraftKings in the third quarter valued at $33,000. Asset Dedication LLC acquired a new stake in DraftKings in the third quarter valued at $37,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings during the 2nd quarter worth $45,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.