DraftKings (NASDAQ:DKNG) Price Target Cut to $27.00 by Analysts at Deutsche Bank Aktiengesellschaft

DraftKings (NASDAQ:DKNG) had its target price lowered by Deutsche Bank Aktiengesellschaft from $46.00 to $27.00 in a research note published on Tuesday morning, The Fly reports.

DKNG has been the subject of several other reports. Truist reduced their target price on shares of DraftKings from $55.00 to $50.00 and set a hold rating for the company in a report on Monday, November 8th. Roth Capital reduced their target price on shares of DraftKings from $39.00 to $34.00 and set a sell rating for the company in a report on Monday, November 15th. Zacks Investment Research raised shares of DraftKings from a sell rating to a hold rating in a report on Wednesday, January 5th. Moffett Nathanson assumed coverage on shares of DraftKings in a report on Monday, December 13th. They set a neutral rating and a $36.00 price objective for the company. Finally, CBRE Group assumed coverage on shares of DraftKings in a report on Tuesday, December 7th. They set a hold rating and a $36.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, DraftKings currently has a consensus rating of Buy and an average price target of $58.71.

Shares of NASDAQ:DKNG opened at $23.19 on Tuesday. The firm’s 50 day moving average price is $31.61 and its 200-day moving average price is $44.75. DraftKings has a twelve month low of $22.41 and a twelve month high of $74.38. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $9.43 billion, a PE ratio of -6.32 and a beta of 1.91.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, November 5th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.11) by ($0.24). The firm had revenue of $212.82 million during the quarter, compared to analysts’ expectations of $224.86 million. DraftKings had a negative return on equity of 65.15% and a negative net margin of 127.81%. During the same period in the prior year, the company posted ($0.98) earnings per share. Analysts expect that DraftKings will post -3.62 earnings per share for the current fiscal year.

In other news, Director Steven Joseph Murray sold 30,707 shares of DraftKings stock in a transaction on Tuesday, December 14th. The stock was sold at an average price of $27.92, for a total transaction of $857,339.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry Sloan bought 50,000 shares of the firm’s stock in a transaction dated Tuesday, November 16th. The shares were acquired at an average price of $39.52 per share, with a total value of $1,976,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 745,525 shares of company stock valued at $34,413,940. 62.00% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in DKNG. Envestnet Asset Management Inc. lifted its position in shares of DraftKings by 27.8% during the second quarter. Envestnet Asset Management Inc. now owns 83,806 shares of the company’s stock worth $4,372,000 after purchasing an additional 18,254 shares during the last quarter. US Bancorp DE raised its holdings in shares of DraftKings by 19.2% in the second quarter. US Bancorp DE now owns 6,063 shares of the company’s stock valued at $317,000 after acquiring an additional 977 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of DraftKings by 13.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 32,493 shares of the company’s stock valued at $1,695,000 after acquiring an additional 3,784 shares in the last quarter. Resources Investment Advisors LLC. raised its holdings in shares of DraftKings by 36.1% in the second quarter. Resources Investment Advisors LLC. now owns 5,750 shares of the company’s stock valued at $300,000 after acquiring an additional 1,526 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of DraftKings by 4,072.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 362,038 shares of the company’s stock valued at $18,888,000 after acquiring an additional 353,362 shares in the last quarter. Institutional investors and hedge funds own 62.97% of the company’s stock.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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