<div id="readability-page-1"><p>DraftKings Inc. (NASDAQ:DKNG - Get Free Report) was down 2.9% during mid-day trading on Monday after Oppenheimer lowered their price target on the stock from $60.00 to $58.00. Oppenheimer currently has an outperform rating on the stock. DraftKings traded as low as $36.95 and last traded at $37.08. Approximately 1,051,922 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 11,363,924 shares. The stock had previously closed at $38.17.</p><ul><li>DraftKings Stock: You Can Bet on New Highs This Year</li></ul><p>A number of other equities research analysts have also weighed in on the stock. Guggenheim lowered their target price on shares of DraftKings from $53.00 to $52.00 and set a &#34;buy&#34; rating on the stock in a report on Wednesday, June 26th. Mizuho started coverage on DraftKings in a research note on Tuesday, March 26th. They issued a &#34;buy&#34; rating and a $58.00 price objective for the company. Morgan Stanley upped their price target on DraftKings from $49.00 to $50.00 and gave the stock an &#34;overweight&#34; rating in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft raised their price objective on DraftKings from $34.00 to $35.00 and gave the company a &#34;hold&#34; rating in a research note on Monday, May 6th. Finally, Needham &amp; Company LLC reiterated a &#34;buy&#34; rating and issued a $60.00 target price on shares of DraftKings in a research note on Wednesday, June 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of &#34;Moderate Buy&#34; and an average price target of $49.17.</p><p><b>View Our Latest Report on DKNG</b></p><h2>Insider Transactions at DraftKings</h2><ul><li>Sportradar Rides the Sports Betting Trend From Behind the Curtain</li></ul><p>In related news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company's stock, valued at $9,537,500. The transaction was disclosed in a filing with the Securities &amp; Exchange Commission, which is available through this link. In other DraftKings news, Director Harry Sloan sold 250,000 shares of the business's stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares of the company's stock, valued at approximately $9,537,500. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 668,890 shares of the firm's stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. 48.94% of the stock is currently owned by corporate insiders. </p><h2>Hedge Funds Weigh In On DraftKings</h2><p>Institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in DraftKings in the fourth quarter worth approximately $7,975,000. RDA Financial Network bought a new position in shares of DraftKings during the 1st quarter valued at $232,000. Deutsche Bank AG grew its holdings in shares of DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company's stock valued at $39,393,000 after purchasing an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in DraftKings in the 3rd quarter worth $209,000. Finally, Schonfeld Strategic Advisors LLC lifted its stake in DraftKings by 27.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company's stock worth $8,741,000 after purchasing an additional 64,186 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors. </p><h2>DraftKings Trading Down 2.5 %</h2><ul><li>International Game Technology Isn’t Playing Games With Guidance </li></ul><p>The firm has a market capitalization of $32.36 billion, a PE ratio of -32.35 and a beta of 1.81. The firm's 50-day simple moving average is $40.67 and its 200-day simple moving average is $40.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. </p><p>DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the business earned ($0.87) earnings per share. DraftKings's revenue was up 52.7% compared to the same quarter last year. Equities analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year. </p><h2>DraftKings Company Profile</h2> (Get Free Report)<p>DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.</p><h2>See Also</h2><ul><li>Five stocks we like better than DraftKings</li><li>Earnings Per Share Calculator: How to Calculate EPS</li><li>Applied Digital Boosts Stock with Cutting-Edge AI Data Centers</li><li>Where Do I Find 52-Week Highs and Lows?</li><li>Chewy Stock Surges on Roaring Kitty's Disclosure of Major Stake</li><li>About the Markup Calculator</li><li>How to Invest in Gold: A Complete Guide</li></ul><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. 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DKNG

<p>DraftKings (NASDAQ:DKNG) shares dropped 2.9% after an analyst downgrade. Oppenheimer lowered their price target on the stock, resulting in the decline. Other analysts also weighed in on the stock, with varying ratings. Insiders have sold a significant amount of company stock. Institutional investors have made modifications to their holdings. The company's market capitalization is $32.36 billion.</p>

DraftKings (NASDAQ:DKNG) Shares Down 2.9% After Analyst Downgrade