DraftKings (NASDAQ:DKNG) Stock Gets Price Target Trim from Needham & Company LLC

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Needham & Company LLC from $35.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

DKNG has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of DraftKings from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. Citigroup lowered their price target on shares of DraftKings from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Canaccord Genuity Group cut their price target on shares of DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Susquehanna reduced their price objective on DraftKings from $33.00 to $27.00 and set a “positive” rating on the stock in a research note on Thursday, October 8th. Finally, Truist Financial reduced their price objective on DraftKings from $29.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.79.

DraftKings Stock Up 5.4%

DKNG stock opened at $23.11 on Monday. DraftKings has a one year low of $18.35 and a one year high of $36.98. The company’s 50 day moving average price is $21.65 and its two-hundred day moving average price is $24.17. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business posted $0.30 EPS. The business’s quarterly revenue was down 4.6% on a year-over-year basis. Equities research analysts forecast that DraftKings will post 0.31 earnings per share for the current year.

Insider Activity

In related news, Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the transaction, the director directly owned 1,881 shares of the company’s stock, valued at $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 47.18% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kornitzer Capital Management Inc. KS lifted its stake in DraftKings by 0.4% in the third quarter. Kornitzer Capital Management Inc. KS now owns 176,620 shares of the company’s stock worth $3,356,000 after acquiring an additional 691 shares during the period. Integrity Advisory Solutions LLC increased its position in DraftKings by 8.2% during the 3rd quarter. Integrity Advisory Solutions LLC now owns 10,571 shares of the company’s stock valued at $201,000 after purchasing an additional 803 shares during the period. CoreCap Advisors LLC lifted its position in shares of DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares during the period. Englebert Financial Advisers LLC lifted its position in shares of DraftKings by 1.3% in the 3rd quarter. Englebert Financial Advisers LLC now owns 68,237 shares of the company’s stock worth $1,297,000 after purchasing an additional 897 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of DraftKings by 2.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,855 shares of the company’s stock worth $1,121,000 after purchasing an additional 1,028 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Ahead of Q3 results, analysts pointed to momentum in DraftKings’ sportsbook, iGaming and Predictions businesses as potential growth drivers. DKNG Gears Up for Q3 Earnings: Sportsbook Growth & Costs in Focus
• Neutral Sentiment: Analyst views offered some support but also signaled caution: Bernstein cut its price target to $27 from $29 while retaining an “outperform” rating, while Needham’s $30 target was presented as evidence the selloff may have gone too far. Bernstein analyst update Needham’s $30 Target Says DraftKings’ Selloff Went Too Far
• Negative Sentiment: Marketing and other investments could weigh on Q3 profitability even as revenue drivers grow. Investors are also watching DraftKings’ costly push into prediction markets, where competition is increasing and regulations remain unsettled—risks that could limit returns or raise costs. DraftKings Faces Increasing Competition in Prediction Markets One Big Reason Investors Should Keep an Eye on DraftKings

About DraftKings

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.