DraftKings (NASDAQ:DKNG) Price Target Cut to $27.00 by Analysts at Sanford C. Bernstein

DraftKings (NASDAQ:DKNG) had its target price decreased by Sanford C. Bernstein from $29.00 to $27.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein‘s price target suggests a potential upside of 23.71% from the company’s previous close.

DKNG has been the topic of a number of other reports. Susquehanna reduced their price target on DraftKings from $33.00 to $27.00 and set a “positive” rating on the stock in a research report on Thursday, October 8th. Wall Street Zen lowered DraftKings from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. BTIG Research lifted their target price on shares of DraftKings from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Morgan Stanley dropped their price target on shares of DraftKings from $36.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Finally, Truist Financial reduced their price target on DraftKings from $29.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.79.

DraftKings Trading Up 0.1%

Shares of NASDAQ DKNG traded up $0.01 during mid-day trading on Tuesday, reaching $21.82. The company had a trading volume of 2,504,949 shares, compared to its average volume of 13,412,539. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22. DraftKings has a 52 week low of $18.35 and a 52 week high of $36.98. The business’s 50-day moving average is $21.78 and its 200-day moving average is $24.30. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of -57.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the business posted $0.30 EPS. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. Equities analysts expect that DraftKings will post 0.36 earnings per share for the current year.

Insider Activity

In related news, Director Jocelyn Moore sold 10,759 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the transaction, the director owned 1,881 shares in the company, valued at approximately $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 47.18% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Spruce House Investment Management LLC boosted its position in shares of DraftKings by 129.6% during the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock worth $208,633,000 after acquiring an additional 5,446,166 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 9.3% in the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after acquiring an additional 2,351,790 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of DraftKings in the 2nd quarter valued at about $24,014,000. Renaissance Technologies LLC acquired a new stake in shares of DraftKings during the 1st quarter worth about $17,660,000. Finally, Quantinno Capital Management LP raised its position in shares of DraftKings by 273.9% during the 1st quarter. Quantinno Capital Management LP now owns 898,241 shares of the company’s stock worth $19,420,000 after acquiring an additional 658,006 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Needham maintained a Buy rating and set a $30 price target, implying substantial upside from recent trading levels. The firm’s view is that DraftKings’ recent selloff has gone too far. Needham’s $30 Target Says DraftKings’ Selloff Went Too Far
• Positive Sentiment: Wall Street’s average brokerage recommendation remains favorable, which could support the stock if upcoming results reinforce expectations for improving profitability and growth. However, the articles caution that analyst ratings can be overly optimistic. Is DraftKings a Buy as Wall Street Analysts Look Optimistic?
• Neutral Sentiment: DraftKings’ third-quarter earnings report is approaching. Investors will focus on revenue, profitability, customer engagement, and other operating metrics rather than relying solely on headline earnings and revenue estimates. DraftKings Q3 Earnings Preview
• Negative Sentiment: Susquehanna’s proprietary modeling indicated that October sports-betting results were unfavorable for bookmakers. A weak hold rate could pressure DraftKings’ near-term revenue and margins, helping explain the recent share-price decline. DraftKings Shares Decline on Unfavorable October Hold
• Negative Sentiment: Although Needham remains bullish, it lowered its price target from $35 to $30. The reduction signals that expectations have moderated despite the continued Buy rating. Needham DraftKings Price Target Update

DraftKings Company Profile

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.