UBS Group Cuts DraftKings (NASDAQ:DKNG) Price Target to $43.00
by Mitch Edgeman · The Markets DailyDraftKings (NASDAQ:DKNG – Free Report) had its target price trimmed by UBS Group from $53.00 to $43.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has a buy rating on the stock.
Several other brokerages have also recently weighed in on DKNG. Jefferies Financial Group set a $46.00 target price on DraftKings in a research note on Tuesday, March 3rd. BTIG Research set a $35.00 price target on shares of DraftKings in a research report on Tuesday, March 3rd. Morgan Stanley cut their price target on shares of DraftKings from $53.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, February 24th. Berenberg Bank set a $26.40 price objective on shares of DraftKings in a research report on Tuesday, February 24th. Finally, Truist Financial lowered their price objective on shares of DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Twenty-five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $37.09.
Check Out Our Latest Research Report on DraftKings
DraftKings Stock Performance
Shares of NASDAQ DKNG opened at $25.28 on Monday. DraftKings has a 1 year low of $21.01 and a 1 year high of $48.78. The firm has a market cap of $12.46 billion, a P/E ratio of -632.00, a PEG ratio of 1.04 and a beta of 1.67. The stock has a fifty day moving average price of $27.28 and a two-hundred day moving average price of $32.77. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.
Insider Activity
In other news, Director Jocelyn Moore sold 2,150 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director owned 1,406 shares in the company, valued at $35,993.60. This represents a 60.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 484,417 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 549,495 shares of company stock worth $14,166,700. 51.19% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the business. Viking Global Investors LP acquired a new stake in DraftKings during the 3rd quarter worth about $561,125,000. Capital World Investors increased its holdings in shares of DraftKings by 181.4% in the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the period. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 50.8% in the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after purchasing an additional 8,524,923 shares during the period. Norges Bank purchased a new stake in shares of DraftKings in the second quarter worth approximately $362,554,000. Finally, AQR Capital Management LLC lifted its position in shares of DraftKings by 41.0% in the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after purchasing an additional 4,788,337 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.
DraftKings Company Profile
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.