DraftKings (NASDAQ:DKNG) Price Target Increased to $52.00 by Analysts at Barclays

DraftKings (NASDAQ:DKNG) had its price objective raised by Barclays from $50.00 to $52.00 in a research note released on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on the company. Truist Financial reissued a buy rating and set a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. The Goldman Sachs Group assumed coverage on shares of DraftKings in a report on Tuesday, April 16th. They issued a buy rating and a $60.00 price target on the stock. BNP Paribas downgraded DraftKings from a neutral rating to an underperform rating and set a $28.00 price target for the company. in a research report on Friday, January 19th. Stifel Nicolaus upgraded shares of DraftKings from a hold rating to a buy rating and upped their price objective for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Finally, Wells Fargo & Company lifted their target price on shares of DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $47.00.

DraftKings Stock Performance

Shares of DKNG stock opened at $40.55 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $35.14 billion, a price-to-earnings ratio of -23.17 and a beta of 1.86. DraftKings has a 52 week low of $20.26 and a 52 week high of $49.57. The firm’s 50-day simple moving average is $43.72 and its two-hundred day simple moving average is $38.14.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.53) earnings per share. As a group, equities analysts forecast that DraftKings will post -0.25 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,396,101 shares of company stock valued at $58,121,509. 48.94% of the stock is owned by insiders.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. grew its position in DraftKings by 22.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 344,095 shares of the company’s stock valued at $15,625,000 after buying an additional 62,642 shares during the period. StoneCrest Wealth Management Inc. lifted its position in DraftKings by 9.6% during the first quarter. StoneCrest Wealth Management Inc. now owns 24,540 shares of the company’s stock valued at $1,114,000 after purchasing an additional 2,151 shares in the last quarter. Greystone Financial Group LLC lifted its position in DraftKings by 14.6% during the first quarter. Greystone Financial Group LLC now owns 16,834 shares of the company’s stock valued at $764,000 after purchasing an additional 2,145 shares in the last quarter. PFG Investments LLC lifted its position in shares of DraftKings by 61.6% during the 1st quarter. PFG Investments LLC now owns 23,273 shares of the company’s stock valued at $1,057,000 after buying an additional 8,868 shares in the last quarter. Finally, Raymond James & Associates grew its stake in shares of DraftKings by 7.4% during the 1st quarter. Raymond James & Associates now owns 463,265 shares of the company’s stock valued at $21,037,000 after acquiring an additional 31,880 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.