DraftKings (NASDAQ:DKNG) Given New $43.00 Price Target at UBS Group

DraftKings (NASDAQ:DKNG) had its price target decreased by research analysts at UBS Group from $53.00 to $43.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 72.69% from the company’s current price.

A number of other research analysts have also recently commented on the company. Morgan Stanley dropped their price target on DraftKings from $53.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 24th. The Goldman Sachs Group decreased their price objective on DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Oppenheimer lowered their price objective on DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Zacks Research downgraded shares of DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $38.00 target price on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

DraftKings Stock Performance

NASDAQ DKNG traded down $0.97 on Monday, hitting $24.90. 12,326,004 shares of the stock traded hands, compared to its average volume of 15,875,491. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. The business’s fifty day moving average is $27.88 and its two-hundred day moving average is $33.15. DraftKings has a 12 month low of $21.01 and a 12 month high of $48.78. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of -622.50, a PEG ratio of 1.06 and a beta of 1.67.

Insider Buying and Selling

In related news, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. The trade was a 69.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry Sloan acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were bought at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the acquisition, the director directly owned 350,219 shares in the company, valued at $7,652,285.15. This represents a 39.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 547,345 shares of company stock valued at $14,111,660 in the last ninety days. 47.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Dagco Inc. bought a new position in shares of DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. increased its holdings in DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after acquiring an additional 405 shares during the period. Root Financial Partners LLC purchased a new stake in DraftKings in the 3rd quarter worth approximately $33,000. Asset Dedication LLC purchased a new stake in DraftKings in the 3rd quarter worth approximately $37,000. Finally, Montag A & Associates Inc. boosted its holdings in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.