DraftKings (NASDAQ:DKNG) Price Target Raised to $60.00

DraftKings (NASDAQ:DKNG) had its price objective upped by Barclays from $50.00 to $60.00 in a research report released on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. TD Cowen reduced their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.69.

DraftKings Stock Down 2.6 %

Shares of DKNG opened at $49.44 on Tuesday. The stock’s 50-day moving average price is $41.30 and its 200-day moving average price is $39.18. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $24.22 billion, a price-to-earnings ratio of -46.64, a PEG ratio of 2.06 and a beta of 1.93. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. On average, sell-side analysts predict that DraftKings will post 0.46 EPS for the current year.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,160,591 shares of company stock valued at $46,945,158 in the last three months. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the 4th quarter worth about $25,000. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the fourth quarter valued at about $30,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

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.