DraftKings (NASDAQ:DKNG) Given New $23.00 Price Target at BTIG Research

DraftKings (NASDAQ:DKNG) had its price target cut by analysts at BTIG Research from $26.00 to $23.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research‘s price target suggests a potential upside of 24.26% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Wall Street Zen lowered shares of DraftKings from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Citizens Jmp cut their price target on shares of DraftKings from $37.00 to $35.00 and set a “market outperform” rating for the company in a report on Thursday, September 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price target on shares of DraftKings in a report on Monday. Weiss Ratings cut shares of DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a research note on Friday, August 21st. Finally, Moffett Nathanson reissued a “neutral” rating and set a $22.00 price objective on shares of DraftKings in a report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $30.39.

DraftKings Price Performance

DraftKings stock opened at $18.51 on Monday. 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 has a 1-year low of $16.55 and a 1-year high of $36.98. The company has a market cap of $9.19 billion, a PE ratio of -23.14, a price-to-earnings-growth ratio of 2.43 and a beta of 1.65. The stock’s 50 day moving average price is $21.51 and its 200 day moving average price is $24.06.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.12). The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative return on equity of 36.21% and a negative net margin of 5.91%. The company’s revenue was up 16.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.26) EPS. On average, sell-side analysts predict that DraftKings will post 0.31 EPS for the current fiscal year.

Insider Activity

In other DraftKings news, Director Jocelyn Moore sold 10,759 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the sale, the director owned 1,881 shares of the company’s stock, valued at $45,238.05. This represents a 85.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of DKNG. CoreCap Advisors LLC grew its holdings in DraftKings by 336.5% during the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock valued at $29,000 after buying an additional 885 shares during the last quarter. Basecamp Wealth Advisors LLC increased its position in DraftKings by 3,547.1% during the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock worth $27,000 after buying an additional 1,206 shares in the last quarter. Ascentis Independent Advisors acquired a new position in shares of DraftKings in the first quarter worth $27,000. Heritage Family Offices LLP acquired a new position in shares of DraftKings in the third quarter worth $44,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of DraftKings in the third quarter worth $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

About DraftKings

DraftKings Inc is a digital sports and entertainment company founded in 2012. It began as a daily fantasy sports platform and has since expanded into online sports betting and gaming.

The company offers daily fantasy contests, a sportsbook and online casino products, including games such as slots and table games. Its services are available in a range of U.S. jurisdictions and in Ontario, Canada, where permitted by local regulations.

DraftKings is headquartered in Boston, Massachusetts.