DraftKings (NASDAQ:DKNG) Stock Gets Price Target Reduction from Sanford C. Bernstein

DraftKings (NASDAQ:DKNG) had its price objective lowered by research analysts at Sanford C. Bernstein from $27.00 to $22.00 in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the stock. Sanford C. Bernstein‘s target price would suggest a potential upside of 18.85% from the stock’s previous close.

DKNG has been the topic of a number of other research reports. Bank of America reiterated a “buy” rating on shares of DraftKings in a research note on Friday. Benchmark boosted their price target on DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Wall Street Zen lowered DraftKings from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Truist Financial lowered their price objective on DraftKings from $29.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $28.00 target price on shares of DraftKings in a report on Monday. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.39.

DraftKings Price Performance

Shares of DKNG opened at $18.51 on Monday. The firm has a market capitalization of $9.19 billion, a PE ratio of -23.14, a PEG ratio of 2.43 and a beta of 1.65. The company’s 50-day moving average is $21.51 and its 200-day moving average is $24.06. DraftKings has a fifty-two week low of $16.55 and a fifty-two week high of $36.98. 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 results on Thursday, November 5th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.12). The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.91% and a negative return on equity of 36.21%. The firm’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.26) EPS. Equities analysts forecast that DraftKings will post 0.31 EPS for the current year.

Insiders Place Their Bets

In other DraftKings 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 sale, the director owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. The trade was a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DKNG. Spruce House Investment Management LLC grew its position in 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 during the last quarter. Janus Henderson Group PLC increased its holdings in DraftKings by 9.3% in the 1st quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock worth $588,288,000 after purchasing an additional 2,351,790 shares in the last quarter. Bank of New York Mellon Corp bought a new position in DraftKings in the second quarter valued at about $24,014,000. Renaissance Technologies LLC bought a new position in DraftKings in the first quarter valued at about $17,660,000. Finally, Quantinno Capital Management LP raised its position in DraftKings by 273.9% in the first quarter. Quantinno Capital Management LP now owns 898,241 shares of the company’s stock valued at $19,420,000 after purchasing an additional 658,006 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

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.