Barclays Increases DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its price objective lifted by stock analysts at Barclays from $52.00 to $54.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 24.40% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group assumed coverage on DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 price target for the company. Susquehanna upped their price objective on DraftKings from $54.00 to $56.00 and gave the company a “positive” rating in a research note on Monday, April 29th. BNP Paribas downgraded shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target for the company. in a research note on Friday, January 19th. Truist Financial reiterated a “buy” rating and issued a $55.00 price target (up from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Finally, BMO Capital Markets increased their price target on shares of DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.17.

DraftKings Price Performance

NASDAQ DKNG traded up $1.59 on Monday, hitting $43.41. The stock had a trading volume of 6,365,501 shares, compared to its average volume of 11,662,173. The firm has a 50-day moving average of $43.58 and a 200-day moving average of $38.92. The company has a market capitalization of $37.62 billion, a price-to-earnings ratio of -37.07 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 52-week low of $22.65 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. DraftKings’s revenue was up 52.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.87) EPS. Equities analysts expect that DraftKings will post -0.24 EPS for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 $130,676,752.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred 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 $130,676,752.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,086,101 shares of company stock valued at $45,903,509. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

A number of large investors have recently made changes to their positions in DKNG. TFB Advisors LLC raised its holdings in DraftKings by 102.1% during the 1st quarter. TFB Advisors LLC now owns 14,887 shares of the company’s stock worth $623,000 after purchasing an additional 7,520 shares during the last quarter. Larson Financial Group LLC lifted its holdings in DraftKings by 166.0% in the 1st quarter. Larson Financial Group LLC now owns 1,117 shares of the company’s stock worth $51,000 after buying an additional 697 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of DraftKings in the 1st quarter worth $206,000. BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of DraftKings by 773.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 20,433 shares of the company’s stock worth $928,000 after purchasing an additional 18,094 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in DraftKings by 2.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 35,960 shares of the company’s stock worth $1,633,000 after purchasing an additional 697 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

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.