Draftkings (NASDAQ:DKNG) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research lowered shares of Draftkings (NASDAQ:DKNG) from a hold rating to a sell rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Diamond Eagle Acquisition Corp. is a blank check company. It aims to acquire one or more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase or reorganization. Diamond Eagle Acquisition Corp. is based in Los Angeles, United States. “

A number of other research firms have also recently weighed in on DKNG. Stephens began coverage on shares of Draftkings in a report on Tuesday. They issued an overweight rating on the stock. Jefferies Financial Group initiated coverage on shares of Draftkings in a research note on Monday, June 22nd. They issued a buy rating and a $55.00 target price for the company. Susquehanna Bancshares raised their price target on shares of Draftkings from $35.00 to $48.00 in a research report on Wednesday, June 3rd. Canaccord Genuity lifted their target price on shares of Draftkings from $35.00 to $50.00 and gave the company a buy rating in a report on Wednesday, June 3rd. They noted that the move was a valuation call. Finally, Morgan Stanley lifted their price objective on shares of Draftkings from $23.00 to $25.00 and gave the company an overweight rating in a report on Monday, May 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $43.09.

DKNG stock opened at $33.26 on Tuesday. Draftkings has a 12 month low of $9.76 and a 12 month high of $44.79. The business has a 50-day moving average of $35.38.

Draftkings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, May 15th. The company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.15. As a group, analysts forecast that Draftkings will post -0.7 earnings per share for the current fiscal year.

In other news, insider Paul Liberman sold 796,348 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total value of $30,898,302.40. Following the completion of the sale, the insider now owns 106,021 shares in the company, valued at approximately $4,113,614.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Woodrow Levin sold 50,000 shares of Draftkings stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total transaction of $1,940,000.00. Following the completion of the sale, the director now directly owns 229,810 shares in the company, valued at approximately $8,916,628. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,471,338 shares of company stock valued at $57,087,914.

About Draftkings

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development 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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